Thursday, November 9, 2017
ICIJ reports again on the Paradise Papers - this time Apple is in the crosshairs:
Despite almost all design and development of its products taking place in the U.S., the iPhone-maker has for years been able to report that about two-thirds of its worldwide profits were made in other countries, where it has used loopholes to access ultra-low foreign tax rates.
Now leaked documents help show how Apple quietly carried out a restructuring of its Irish companies at the end of 2014, allowing it to carry on paying taxes at low rates on the majority of global profits.
Those rates allowed it to accumulate a $252 billion mountain of cash offshore.