Following tax investigation, Apple shelters billions in profits via Irish channels

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Date: Wednesday, November 8th, 2017, 03:32
Category: Finance, Legal, News

Apple has apparently found the mother of all tax shelter combinations.

Despite company CEO Tim Cook having stated that “We pay all the taxes we owe, every single dollar. We don’t depend on tax gimmicks, we don’t stash money on some Caribbean island” during a a United States Senate investigative subcommittee hearing in 2013, the company has apparently begun hoarding tax revenue through a connection in Ireland.

Within five months after Cook’s testimony, Irish officials began to crack down on the tax structure Apple was thought to be using. Apple had parked billions of dollars into multiple Irish jurisdictions before settling on the small island of Jersey, which typically does not tax corporate income.

In short, it seems that Apple has placed more than $128 billion in profits offshore, nearly all of these profits having been made since 2007 and the continued extraordinary success of the iPhone.

Apple is not alone, as other companies including Nike, Uber, Allergan and Facebook have also used shell companies located in Bermuda and Grand Cayman as a means of getting around U.S. tax law.

The full story, as covered by the New York Times, with materials obtained by German newspaper Süddeutsche Zeitung, are linked below.

Check it out, take a gander and please let us know what you think in the comments.

Via The New York Times and Süddeutsche Zeitung

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