Apple caught in the spot light of Paradise Papers revelationsComments
Apple swapped one tax haven with another to stay ahead of Irish government moves to close a tax-liable loophole. That’s according the latest from the trove of documents leaked in the so called ‘Paradise Papers’.
Apple denies it saying changes to its corporate structure were to preserve tax payments to the US and not to reduce taxes elsewhere.
Apple and other super-rich busnesses such as sports firm Nike are the latest to have the spotlight focused on them as more details emerge from the huge leak of over 13 million documents showing how rich companies and individuals protect their wealth.
Nike reportedly shifted profits through a Bermuda subsidiary by holding trademarks for its logo and shoes in offshore entities. A Nike spokesperson said: “Nike complies with tax regulations and we rigorously ensure our tax filings are aligned with how we run our business, the investments we make and the jobs we create.”
Formula 1 champion Lewis Hamilton allegedly avoided tax on his 14 million euro luxury jet by importing it into the Isle of Man. Rules over the jet’s use, business or pleasure dictate payments of VAT. His lawyers say everything was lawful
The publishing of documents initially acquired by the German newspaper Suddeutsche Zeitung are proving to be an embarassment to many of the world’s elite.
At the centre is the Bermuda-based law firm Appleby who has said it legitimately advises clients how to reduce their tax bills.
The Paradise papers are the second such release of its kind. Last year the “Panama Papers leaked from Panama-based law firm also chronicled the shadowy world of offshore holdings.