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Apple says no operations were moved from Ireland

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Apple says no operations were moved from Ireland

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(Reuters) – Apple Inc <AAPL.O> said on Monday that none of its operations were moved from Ireland and that changes made to its corporate structure in 2015 was specially designed to preserve tax payments to United States, not to reduce taxes anywhere else. The statement from Apple comes in response to the criticism it received for its tax affairs after a Guardian analysis of the “Paradise Papers” documents showed the company shifted key parts of its business to Jersey as part of a rearrangement that has allowed it to maintain a low tax rate. Apple said it pays billions of dollars in taxes to the United States at the statutory 35 percent rate on investment income from its overseas cash. (http://apple.co/2AohvBE) The “Paradise Papers” are a trove of financial documents leaked mostly from Appleby, a prominent offshore law firm.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D’Souza)
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