How Apple Uses the Channel Island of Jersey In Tax Strategy [Fortune]
Apple Inc. (AAPL)
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Source: Fortune
When Apple’s efforts to reduce its taxes around the world came under fire in Congress a few years ago, CEO Tim Cook fired back. “We do not depend on tax gimmicks,” Cook said. “We do not stash money on some Caribbean island.” The first statement depends on the definition of a “gimmick.” Apple was certainly using loopholes and openings in different countries’ tax laws to minimize its own obligations. But he was telling the truth in saying the iPhone maker had no money stashed in the Caribbean. The company didn’t need to–its funds were stashed in subsidiaries incorporated in Ireland, but that, on paper at least, had no home country for tax purposes. But as the controversy spread and the European Union went after not just Apple but other American multinationals like Google and Starbucks , Ireland changed its rules. That set off a scramble at Apple to find a new haven for its vast cash hoard, one that ended up at the Channel Island of Jersey, 12 miles off the coast of No
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