Apple records global sales of €119bn in Ireland

08 November, 2017, 01:10 | Author: Gladys Mathis
  • After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Apple, which now has $252 billion of its cash outside the US, said in a statement Monday that it adjusted its corporate structure when Ireland changed its tax laws in 2015.

The move from Apple came after the company's shelter in Ireland began to be less reliable. "We've paid over $35bn in corporate income taxes over the past three years, plus billions of dollars more in property tax, payroll tax, sales tax and VAT", it said.

"The move affected two of its most important subsidiaries, one of which is thought to hold the key to a company cash pile worth more than $250 billion", The Guardian reported, based on records shared by the International Consortium of Investigative Journalists (ICIJ).

"At Apple we follow the laws, and if the system changes, we will comply".

The European Union instructed Apple past year to pay upto $14.5 billion as sanction of illegal taxes benefits in the Ireland.

The figures appear to confirm that only a small proportion of the profits being booked through Ireland by a corporation often described as the most profitable in the world, are being subjected to Irish tax.

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

Apple has relocated its global cash residency to the island of Jersey, a UK Crown dependency, after Ireland changed its tax laws in 2015.

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The majority of the leaked Paradise Papers come from Appleby, which specialises in offshore accounts.

Apple said it has operated within the rules of the law and that it's paid more tax than any other company or individual. "We don't stash money on some Caribbean island". It said the move was made "specifically to ensure that tax obligations and payments to the US were not reduced".

Apple CEO Tim Cook slammed the ruling as "total political crap" and argued that there's "no reason for it in fact or in law".

"Additional tax is then also due in the U.S. when the earnings are repatriated", the statement said.

"There was no tax benefit for Apple from this change and, importantly, this did not reduce Apple's tax payments or tax liability in any country", Apple said, stating it had "paid billions of dollars in USA tax on the investment income of this subsidiary".

In recent years, American high-tech company Apple has been avoiding taxes by shifting parts of the company's operations to Jersey Island in the English Channel, after its previous tax haven, Ireland, tightened regulations, the so-called Paradise Papers have revealed.

As Apple came under pressure in the USA and Europe about what was called the "double Irish" scheme, it enlisted offshore finance law firm Appleby to find a new place to stash cash out of the reach of tax collectors, reports said. That allowed the Isle of Jersey to cut its corporate tax rate to zero percent a decade ago.

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