Apple reportedly moved cash to island to avoid Irish taxes

Mont Orgueil Castle on Jersey the British tax haven

This week there have been reports over Apple tax affairs and also a number of company's after lots of documents were leaked in the Paradise Papers.

Up until 2014, the tech company had been exploiting a loophole in tax laws in the USA and the Republic of Ireland known as the "double Irish". If an Irish company spent $15 billion on such rights it could claim a $1 billion tax deduction annually for 15 years.

With this maneuver, the group disclosed lower profits than it had in reality and paid fewer taxes.

World champion Lewis Hamilton has found himself at the centre of an global tax avoidance scandal.

The list is long, because in Brazil, the ministers of Economy and Agriculture, Henrique Meirelles and Blairo Maggi, respectively, denied committing irregularity after knowing that their names appeared linked to companies in tax havens.

Apple's hunt for a tax haven is a familiar tale, said Reuven Avi-Yonah, director of the worldwide tax program at the University of Michigan Law School, who also reviewed the Appleby documents.

An Apple spokesman, Josh Rosenstock, declined to answer most questions about the company's tax strategy.

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"We believe every company has a responsibility to pay the taxes they owe and we're proud of the economic contributions we make to the countries and communities where we do business".

The documents shared with some media outlets by the US-based International Consortium of Investigative Journalists has exposed tactics the wealthy and powerful have used to avoid taxes.

Apple decided that its new offshore tax structure should use Appleby's office in Jersey, the largest of the Channel Islands with a population of 100,000.

Earlier this year, the European Commission revealed its intention to issue a noncompliance action against Ireland for failure to collect tax from Apple.

The response came after Subcommittee Chairman Carl Levin said that Apple had created "the Holy Grail of tax avoidance" schemes by forming a "double-Irish-flip". "The changes we made did not reduce our tax payments in any country".

"We are talking about tens of billions that are effectively being leached from our vital public services by a super-rich elite that holds the taxation system and the rest of us in contempt", said British politician Jeremy Corbyn. The lawmakers have also proposed another break, permitting multinationals to bring home more than $2.6 trillion stowed offshore at sharply reduced tax rates.

"U.S. multinational firms are the global grandmasters of tax avoidance schemes that deplete not just US tax collection but the tax collection of most every large economy in the world", said Edward Kleinbard, a former corporate tax adviser to such companies, now a law professor at the University of Southern California.

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