Apple's tax practices are back in the spotlight.
A new report from the International
Consortium of Investigative Journalists and its media partners says Apple sought out a new location to store its overseas cash to avoid paying higher taxes. The findings, part of a leak of documents dubbed the "Paradise Papers," say the company chose the tiny island of Jersey in the English Channel to store its over $250 billion in cash. The island charges no tax on companies' profits, ICIJ reported.
"Jersey was to play a significant role in Apple's newly configured Irish tax structure set up in late 2014," the publication said. "Under this arrangement, the MacBook-maker has continued to enjoy ultra-low tax rates on most of its profits and now holds much of its non-US earnings in a $252 billion mountain of cash offshore." https://www.cnet.com/news/apple-paradise-papers-reportedly-cash-jersey-channel-island-to-avoid-irish-taxes/
