EU's Vestager seeking details on Apple's recent tax set-up

EU's Vestager seeking details on Apple's recent tax set-up

EU's Vestager seeking details on Apple's recent tax set-up

That prompted Apple to seek an alternative and, according to the BBC investigation of the Paradise Papers, the company identified Jersey - a UK Crown dependency that makes its own tax laws and has a zero per cent corporate tax rate for foreign companies.

The NYT and the International Consortium of Investigative Journalists cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared.

Leaked documents have revealed how Apple went shopping around for a tax haven in 2014. "We've paid over $35bn in corporate income taxes over the past three years, plus billions of dollars more in property tax, payroll tax, sales tax and Vat", it said.

Apple came under pressure in 2013 in the US Senate, when CEO Tim Cook was forced to defend its tax system.

The regulators ordered Apple to pay Ireland an extra €13 billion in tax, both Apple and Ireland are appealing this.

Apple said that after its reorganisation it is paying more Irish tax than before. As Breitbart News reported in June 2016: "Tech companies, including Apple, Cisco Systems and Google pay lower overseas tax rates than their non-tech US peers, such as Boeing or Johnson & Johnson".

By its part, the manufacturer of sporting goods Nike, in turn, created companies with tax benefits (offshore) in Bermuda, to which the subsidiaries of the company had to pay hundreds of millions of euros to be able to use the rights of the brand.

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Apple, as the highest taxpayer over the world knows that every corporation comes with a responsibility of paying its taxes, while the company pays each dollar that it owes to every country in the world.

An inquiry by the bipartisan U.S. senate committee into Apple's use of Irish subsidiaries to avoid paying billions of dollars in taxes and global pressure led to Ireland planning to crackdown on shadow companies in October 2013. "We don't depend on tax gimmicks", he went on. "The changes we made did not reduce our tax payments in any country", he said.

Apple's law firm, Baker MacKenzie, had 14 questions for offshore law firm Appleby as it looked at its offices in the Cayman Islands, the British Virgin Islands, Bermuda, the Isle of Man, Guernsey and Jersey. That is less than a sixth of the average rate of corporation tax in the world.

The Government also shut off the so-called "double Irish", which allowed companies to funnel profits into tax havens.

Apple paid nearly no tax on earnings of more than $100bn over four years, US Senator Carl Levin and former presidential candidate John McCain claimed, although Apple mounted a strong defence.

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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