Seeking ‘the Holy Grail’ Since the mid-1990s, multinationals based in the United States have increasingly shifted profits into offshore tax havens. Under Irish law, if a company can convince Irish tax authorities that it is “managed and controlled” abroad, it can largely escape Irish income tax. By seeming to run its Irish subsidiaries from its world headquarters in California, Apple ensured that Irish tax residency was avoided. Irish officials explored a ban on Irish companies claiming tax residency in tax havens. By the end of the year, Jersey had become the new tax home of the Irish companies Apple Sales International and Apple Operations International.

Source: thestar November 06, 2017 22:52 UTC