Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland’s loose rules began in 2013, according to The New York Times and the International Consortium of Investigative Journalists. The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung (“ZOOT-doi-cheh DZEYE-tung”) and shared. The moves came after a U.S. Senate subcommittee found in 2013 that Apple had avoided tens of billions of dollars in taxes by using overseas havens. The paper said Apple has $128 billion in offshore profits untaxed by the U.S.Apple moved the tax home of two Irish subsidiaries to Jersey, a self-governing island in the English Channel between Britain and France. Apple didn’t immediately comment.

Source: National Post November 06, 2017 21:33 UTC