Wednesday, 22 November, 2017

Reveal Explains Revelations From The Paradise Papers

Ross helping to shape President Donald Trump's trade policy has a 31 percent stake in Navigator Holdings which the New York Times said earns millions of dollars a year transporting gas for Russian petrochemical firm Sibur Apple 'secretly' moved cash to Jersey to escape tax, Paradise Papers report claims
Kelvin Reese | 08 November, 2017, 01:14

That then led Apple lawyers to look at six offshore tax havens that might allow an Irish subsidiary to "conduct management activities without being subject to taxation in these jurisdictions", according to the "Paradise Papers". The latest figures indicate that since Apple's reorganisation of its Irish companies this sum has increased 84%, though Apple will not confirm which of its foreign subsidiaries own this cash.

Apple started booking profits through Jersey after the Irish government started to clamp down on the company's tax affairs in Ireland.

An Apple spokesman told The Irish Times earlier this week that it had paid Irish corporation tax of $1.5 billion in the three years 2014 to 2017, or approximately $500 million per year.

The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared.

Tax planning has helped the U.S. tech giant to build up a $252 billion overseas cash fund while paying an average foreign corporation tax rate of about 3.7 per cent.

Apple eventually opted for Jersey, a British Crown Dependency off the coast of France that doesn't usually charge tax on foreign companies' profits and mostly falls outside of European Union jurisdiction. The Irish government expanded its tax deductions for companies that move rights to intellectual property, including patents and trademarks, into Ireland.

The report claims the new structure enabled Apple to avoid paying billions in taxes, but the firm denies paying any less tax as a result of the move to Jersey.

Elliott's injunction appeal hearing set for Thursday in NY federal court
Elliott's lawyers and the NFL Players Association could ask for further litigation if the decision does not go in their favor. Circuit Court of Appeals on Friday issued an emergency stay of the NFL's punishment, the third legal reprieve for Elliott.

No cooperation between Russian Federation and U.S. on North Korea
He said that the two leaders were able to talk frankly in a relaxed atmosphere while out on the course. Mr Peskov said: "There is no cooperation so far.

Panthers run for 201 yards in 20-17 win over Falcons
Adams left the game in the fourth quarter with a shoulder injury, however, and wasn't involved in the Panthers' final stop. The win keeps the Panthers (6-3) a half-game behind the Saints in the NFC South after New Orleans beat Tampa Bay 30-10.

Panorama's Paradise Papers reporting team alleges Apple subsidiaries holding its untaxed offshore cash were shifted to Jersey in the Channel Islands.

Apple said the new structure had not lowered its taxes.

Apple came under pressure in 2013 in the US Senate, when CEO Tim Cook was forced to defend its tax system.

The majority of the leaked Paradise Papers come from Appleby, which specialises in offshore accounts. "We do not stash money on some Caribbean island".

"We believe every company has a responsibility to pay the taxes they owe and we're proud of the economic contributions we make to the countries and communities where we do business".

Ireland's approach to Apple's tax payments has been under scrutiny by the European Commission since 2014, and the state was ordered a year ago to reclaim €13bn in illegal tax benefits from the company. That maneuver lets the companies avoid paying hefty taxes they could face by bringing the cash back to the US. The company reports its effective global tax rate at 24.6 percent.

As Apple came under pressure in the US 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.

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