Enlarge / Apple CEO Tim Cook speaks about the new Apple headquarters during a media event in Cupertino, California on September 12, 2017. (credit: JOSH EDELSON/AFP/Getty Images)
According to newly-leaked documents, in recent years, Apple used a Bermuda-based law firm to take advantage of highly-advantageous (though legal) tax arrangements in Jersey to mitigate its tax burden as much as possible.
The so-called Paradise Papers, which were leaked to the International Consortium of Investigative Journalists, show that as the so-called “Double Irish” tax loophole began to close, Apple began shopping for a new place to park its hundreds of billions in offshore cash.
As one of the world’s largest corporations, Apple’s tax practices have been scrutinized in recent years. Under American law, companies must pay a 35-percent corporate tax rate on global profits when that money is brought home—so there is an incentive to keep as much of that money overseas as possible. Also, due to various tax law exemptions or loopholes, large multinational companies typically do not pay the full 35 percent.
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