Jersey Tax Haven: Apple Used Channel Island To Avoid US Taxes

Ross helping to shape President Donald Trump's trade policy has a 31 percent stake in Navigator Holdings which the New York Times said earns millions of dollars a year transporting gas for Russian petrochemical firm Sibur

Apple has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show.

Apple, for example, pays taxes at a small fraction of that rate on its offshore profits, according to calculations by the Times based on the company's securities filings.

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

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.

"The vast majority of the value in our products is indisputably created in the United States - where we do our design, development, engineering work, and much more - so the majority of our taxes are owed to the USA".

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Apple is said to have settled on Jersey, a self-governed territory that offers an enticing zero per cent corporate tax rate for foreign companies.

But by setting up a perfectly legal zero percent corporate tax rate structure in the Isle of Jersey, a BBC analysis found that with Apple making $44.7 billion in 2017 foreign profits outside the US, the company only paid $1.65 billion, or 4 percent, in foreign taxes.

The documents, obtained by German newspaper Süddeutsche Zeitung, were reviewed by the International Consortium of Investigative Journalists (ICIJ), along with a number of publications, including the New York Times and the Guardian. CEO Tim Cook appeared before Congress in early 2013 to defend Apple's strategy of holding most of its cash in Ireland.

The previously undisclosed story of Apple's search for a new island tax haven and its use of Jersey is among the revelations emerging from a cache of secret corporate records from Appleby, a Bermuda law firm that caters to businesses and the wealthy elite.

The head of the world's biggest technology company faced a grilling in Washington over what politicians there claimed were "gimmicks" used to get around United States tax laws.

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Appleby listed two Apple subsidiaries as based in Jersey, starting in 2015.

"The changes we made did not reduce our tax payments in any country", Josh Rosenstock told the Times.

"As the largest taxpayer in the world we've paid over $35 billion in corporate income taxes over the past three years, plus billions of dollars more in property tax, payroll tax, sales tax and VAT".

Several months later, due to global pressure, Irish authorities started to crack down on the scheme, forcing Apple to start looking for a new tax haven.

In a statement, the States said: 'Jersey does not want abusive tax avoidance schemes operating in the Island and expects financial services providers to abide by a voluntary code to say they will not take on this kind of business.

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