Computer giant Apple avoiding $25 billion in taxes with secret Irish tax haven
Senate committee accuses Apple of tax avoidance via Ireland and offshore accounts
Irish subsidiary, Apple Operations International, is incorporated in Ireland but it does not pay taxes in Ireland because the company is neither managed nor controlled in Ireland.
The company also does not pay taxes in the US either because it is not US tax-resident under US tax law.
Senator Carl Levin, a Democrat from Michigan and chairman of the subcommittee, said: “Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven.
“Apple has created offshore entities holding tens of billions of dollars, claiming to be tax resident nowhere.”
“The subcommittee intends to highlight that gimmick and other tax avoidance tactics so that American working families who pay their share of taxes understand how offshore tax loopholes raise their tax burden, add to the federal deficit and ought to be closed.”
Senator John McCain said Apple claimed to be the largest US corporate taxpayer but that it was also among America’s largest tax avoiders.
He said: “It is important to understand Apple’s Byzantine tax structure so that we can effectively close the loopholes utilised by many US multinational companies.”
Apple has said it employs 4,000 people in Ireland.
A statement from the company said: “Apple does not move its intellectual property into offshore tax havens and use it to sell products back into the US in order to avoid US tax; it does not use revolving loans from foreign subsidiaries to fund its domestic operations; it does not hold money on a Caribbean island; and it does not have a bank account in the Cayman Islands.”
The company has admitted that its Irish subsidiary, Apple Operations International, has no presence or employees in Ireland and pays no tax here as a result, but neither is it tax resident in the US.
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These folks who do wedding cakes, have based their business on a certain model, specifically, their religious beliefs. They will probably cease makinIreland crowned “Top Tourist Destination” for second year by USA travelers
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Curitiba, You ask me "what's the massive difference?" between English and Irish people (in support of your argument that "Ireland is a