So let me tell you about Apple and the leprechauns. Apple does very little manufacturing, mainly contracting production out to other companies, mostly in China. Much of its profits comes from licensing fees, reflecting the company’s intangible assets — its patents, trademarks, brands and trade secrets. And where are those intangible assets located? For tax purposes, however, Apple needs to report its profits somewhere.

Source: International New York Times June 07, 2021 22:52 UTC