Apple denies it’s avoiding taxes by stashing money offshore
0Apple denies it’s avoiding taxes by stashing money offshore.
The recent leak of the Paradise Papers, a compendium of documents detailing offshore assets held by prominent politicians, businesspeople and major companies, shows that Apple has stashed billions in profits outside the US and may have avoided paying taxes in its home country, as well as in other parts of the world where it runs its operations.
According to the New York Times, the iPhone maker has at least $128 billion in profits stored outside the US. So where’s all that money?
Apple has a facility in Cork, Ireland; the company says it employs 6,000 people there. It also noted that it pays taxes there as per local regulations. But the Paradise Papers also showed that in 2015, after Ireland modified its tax laws, Apple had shifted its profits to Jersey, a small island on the English Channel that doesn’t tax corporate income.