Apple reportedly moved profits to tax haven amid crackdown [CBS News]
Apple Inc. (AAPL)
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Source: CBS News
After drawing scrutiny for its use of tax loopholes in Ireland in 2013, Apple ( AAPL ) came up with another plan: find another tax haven that wasn't in the spotlight. The technology giant subsequently revamped its overseas subsidiaries to take advantage of favorable tax laws on the European island of Jersey, according to the International Consortium of Investigative Journalists and The New York Times . Under this arrangement, the MacBook-maker has continued to enjoy ultra-low tax rates on most of its profits and now holds much of its non-U.S. earnings in a $252 billion mountain of cash offshore, the ICIJ said in a report . The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and with the ICIJ. The documents, dubbed the Paradise Papers, were released this weekend. The documents follow up on the disclosures revealed last year in the Panama Papers , a leak that linke
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