tinyfav.com
tinyfav.com November 24, 2017


Apple reportedly moved cash to island to avoid Irish taxes

08 November 2017, 01:10 | Melanie Burgess

Mont Orgueil Castle on Jersey the British tax haven

Mont Orgueil Castle on Jersey the British tax haven

The regulators ordered Apple to pay Ireland an extra €13 billion in tax, both Apple and Ireland are appealing this.

The paper reported Apple, with the help of law firm Appleby, chose Jersey for its 0 percent corporate tax rate.

"The debate over Apple's taxes is not about how much we owe but where we owe it".

The paper said Apple has $128 billion in offshore profits not taxed by the U.S.

The International Consortium of Investigative Journalists (ICIJ) has been poring over the newly released Paradise Papers, and finds correspondence suggesting Apple was looking for new ways to put its money outside the reach of tax collectors in 2014.

The BBC and the Guardian say Apple sent the Jersey company a questionnaire concerning matters including the public visibility of its records, the possibility of special arrangements with the government and how stable such deals would likely be for each potential location. For instance, the company said its 2015 corporate reorganization was "specially created to preserve its tax payments to the United States, not to reduce its taxes anywhere else". "In fact, our payments to Ireland increased significantly and over three years [2014, 2015 and 2016] we've paid $1.5bn in tax there - 7% of all corporate income taxes paid in that country". Some of the tech giants had allegedly paid corporate tax rates as low as Apple's 0.00045 percent, versus nearly 29 percent for US non-tech firms.

'I' on iPhone Keyboard Doesn't Work Right Now, Customers Complain
For those who are using an Apple device with iOS 11, a keyboard glitch might not allow you to type certain vowels. To set up a text replacement , go to the Settings menu, tap General , then Keyboard , and tap Text Replacement.

Trump previews 'major discussions' with Japan on North Korea, trade
Trump's trip is to be dominated by trade and how to muster more global pressure on North Korea to give up nuclear weapons. President Donald Trump's first trip to Asia began with a round of golf, a custom cap and a hamburger of American beef.

With T-Mobile Deal All But Dead, Softbank Looks To Charter
But in a joint statement Saturday, Sprint and T-Mobile said they were calling off merger negotiations for the foreseeable future. T-Mobile, meanwhile, has provided Deutsche Telekom with growth at a time when the European market has been stagnant.

The company said that it told regulators in the USA and European Commission of the reorganization of its Irish subsidiaries in 2015 and said the moves did not reduce its tax payments in any country.

A law professor who reviewed the documents told the newspaper that there was a "strong possibility" that Apple moved intellectual property to Ireland in a transfer worth almost $200 billion.

Apple and Nike used offshore entities to legally minimise their global tax bill, documents show.

Despite being invited to do so, the corporation did not respond to speculation that Apple Operations Europe, which is now tax-resident in Ireland, may have spent tens of billions of euro, and possibly well in excess of €100 billion, on intellectual property which it brought from Apple subsidiaries now based in zero-taxed Jersey. The move is said to have enabled Apple to amass as much as $252bn (£191bn) of cash offshore.

"That remains to be seen if we will open more cases after the Paradise Papers".

"As part of these changes, Apple's subsidiary which holds overseas cash became resident in the U.K. Crown dependency of Jersey, specifically to ensure that tax obligations and payments to the US were not reduced", the company said. The company has resisted bringing the money back to the USA because of the massive tax bill it would face. That is less than a sixth of the average rate of corporation tax in the world.



Other News

Trending Now

Economy added 35300 jobs last month, unemployment rate up: Statistics Canada
The data agency said 18,000 more youths, aged 15 to 24, were employed in October, with all of the growth in full-time work. USA labor reports for October were released Friday, and the numbers were slightly better than what was initially expected.

American woman wins NYC Marathon for 1st time in 40 years
In the wheelchair event, the Swiss dominated with Manuela Schar tops among women and Marcel Hug finishing first among the men. Flanagan's final time of 2:26:53 was nearly a full minute ahead of Keitany's, who finished with 2:27:54.

Jaguars make an example out of rookie RB Leonard Fournette
Fournette is sixth in the National Football League in rushing thus far in 2017 with 596 yards rushing in just six games. Fournette had missed the Jaguars' most recent game - a pre-bye week victory at Indianapolis - with an ankle injury.

West Ham's new manager revealed during first half v Liverpool
Could West Ham conjure up a stunning comeback as they did against rivals Tottenham in the League Cup? Asked if he still has the club's backing, Bilic said: "It's hard for me to talk about that now".

Justin Bieber and Selena Gomez are back together? Here's what sources claim
During the time they weren't together, Bieber dated Sofia Richie , Paola Paulin, Hailer Baldwin and Kourtney Kardashian . However, it is still unclear whether they are back together or not. "He was always her soulmate and her one true love".

Saudi Arabia intercepts missile targeting Riyadh airport
Al Arabiya TV reported the missile was sacked from Yemen and was brought down close to the capital by Saudi air defence forces. A spokesman for the rebels said they fired a Burkan 2-H missile, a ballistic missile with a range of more than 500 miles.

Daylight Saving Time Ends Sunday
Daylight saving time is not observed by Arizona, Hawaii and four U.S. territories: American Samoa, Guam, Puerto Rico, and the U.S. This is also where you can find more information about timekeeping and daylight saving in the U.S .

Kate Winslet left 'breathless' after Allison Janney kiss
Thanking her as she returned to her seat, Kate admitted: 'Now I'm a little bit breathless'. This year the award show has been hosted by The Late Late show host James Corden .

Taylor Swift's Boyfriend Joe Alwyn Is The New Face Of Prada!
Taylor Swift has slowly been dropping singles this year, preparing us for her new album, Reputation , which comes out November 10th.

Oral arguments on Ezekiel Elliott motion will be heard on Thursday
Last year's National Football League rushing champion, Elliott had 93 yards and outgained 2017 rushing leader Kareem Hunt. Elliott was not charged by prosecutors for an alleged assault reported to police in Columbus, Ohio, in July 2016.