LEAK: Apple Shopped for New Tax Shelter After Senate Inquiry

By NTK Staff | 11.06.2017 @1:14pm
LEAK: Apple Shopped for New Tax Shelter After Senate Inquiry

Newly released leaked documents demonstrate the length Apple was willing to go to avoid paying taxes. The revelations appeared in the so-called “Paradise Papers,” a document leak similar to the Panama Papers. The group responsible for distributing the Panama Papers leak, the International Consortium of Investigative Journalists (ICIJ), is also responsible for the Paradise Papers. […]

Newly released leaked documents demonstrate the length Apple was willing to go to avoid paying taxes.

The revelations appeared in the so-called “Paradise Papers,” a document leak similar to the Panama Papers. The group responsible for distributing the Panama Papers leak, the International Consortium of Investigative Journalists (ICIJ), is also responsible for the Paradise Papers.

Among the most controversial, if not surprising, revelations is Apple’s tax avoidance efforts:

In naming Apple, the ICIJ report said documents show the company “shopped around Europe and the Caribbean for a new island tax shelter after a U.S. Senate inquiry found that the tech giant had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries.”

The report cited one email exchange in which Apple’s lawyers asked the Appleby law firm to confirm that a move to an offshore tax haven would allow one of the company’s Irish units to “conduct management activities … without being subject to taxation in these jurisdictions.”

Apple, a U.S. company, has more than $250 billion parked overseas to avoid paying U.S. taxes. These documents are some of the first to show the efforts Apple is willing to go to protect that stockpile from taxation.

Apple refused to comment on the leak, according to Bloomberg News.

Sign Up

for NTK updates every week.