Apple chose Jersey as new offshore tax haven after Ireland crackdown [The Verge]
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Source: The Verge
The leaked Paradise Papers shed light on Apple’s offshore tax strategy. The Paradise Papers have shed light on Apple’s shifting strategy for taking advantage of offshore tax rules. The New York Times , The Guardian , and BBC News all have reports detailing how, in 2014, Apple moved two subsidiaries from Ireland to Jersey, described by The Guardian as “a crown dependency of the UK, which makes its own laws and is not subject to most EU legislation, making it a popular tax haven.” Jersey, according to the Times , “typically does not tax corporate income.” Apple sought a new tax shelter when the European Union began pressuring Ireland to fix loopholes (including the “Double Irish” ) that had for years so effectively drawn mega-corporations to form subsidiaries and shell companies there because of the country’s minimal corporate tax rate and business-friendly tax regime. Apple has over 6,000 employees in Ireland and has long insisted it pays everything it legall
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