Paradise Papers: Apple's secret tax bolthole revealed

[Cereal Killer]

The world's most profitable firm has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show.

They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven.

It then moved the firm holding most of its untaxed offshore cash, now $252bn, to the Channel Island of Jersey.

Up until 2014, the tech company had been exploiting a loophole in tax laws in the US and the Republic of Ireland known as the "double Irish".

This allowed Apple to funnel all its sales outside of the Americas - currently about 55% of its revenue - through Irish subsidiaries that were effectively stateless for taxation purposes, and so incurred hardly any tax.

http://www.bbc.com/news/world-us-canada-41889787

[Twitler]

1. Shameful

[Phoenix61]

2. But corporate tax rates are too high

Yeah, right. I'm calling BS on that.

[delisen]

3. Only good thing about Apple as corporate citizen is that until recently

they did not do heavy lobbying.

[ThoughtCriminal]

4. I keep misreading "Bolthole"

I'm not the only one... right?

[think4yourself]

5. No.

lol. Glad to see I wasn’t the only one.