Friday, 03 December 2021 12:43 GMT

Paradise Papers expose Apple firm's secret tax structure


(MENAFN) Paradise Papers revealed that Apple, the globe's most profitable company operates a confidential new structure that would allow it to keep on evading billions in taxes.

In 2013, by persistently seeking a tax haven, Apple has avoided a crackdown on its controversial Irish tax practices, as Paradise Papers exposed. Afterwards, it moved the firm holding the majority of its untaxed offshore money, which is currently $252bn, to the Channel Island of Jersey.

However, Apple claimed that the new structure had not reduced its taxes, but it continued to be considered as the world's prime taxpayers. Over the past three years, it has paid around $35bn in corporation tax, thus, it confirmed that it hadn't violated any laws and its adjustment "did not reduce our tax payments in any country."

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