Report: Apple moved offshore billions to new tax havens
Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland’s loose rules began in 2013, according to The New York Times and the International Consortium of Investigative Journalists.
The news outlet and the nonprofit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared. The cache of 13 million secret documents came from Appleby, a Bermuda-based law firm that helps businesses and wealthy individuals find tax shelters.
The moves came after a U.S. Senate subcommittee found in 2013 that Apple had avoided tens of billions of dollars in taxes by using overseas havens. The paper said Apple has $128 billion in offshore profits not taxed by the U.S.
Apple moved the tax home of two Irish subsidiaries to Jersey, a self-governing island in the English Channel between Britain and France, and also made Ireland the tax home of a different European subsidiary.
Apple didn’t immediately comment to The Associated Press. A company spokesman told the Times that the company told regulators in the U.S. and European Commission of the reorganization of its Irish subsidiaries at the end of 2014 and said the moves did not reduce its tax payments in any country.
Apple said to the paper that it complies with laws and supports comprehensive international tax reform and a simpler tax system.
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