The Paradise Papers documents include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paperwork over nearly 50 years from inside Appleby, a prestigious offshore law firm with offices in Bermuda and beyond.
The leaked documents include files from the smaller, family-owned trust company, Asiaciti, and from company registries in 19 secrecy jurisdictions.
Political leaders, wealthy individuals, and businesses’ legal documents, emails, loan agreements, communications, financial statements, and tax strategies – are now all exposed.
Now, ICIJ has reported again on the Paradise Papers and this time, Apple is in the crosshairs.
Despite almost all design and development of its products taking place in the U.S., the iPhone-maker has for years been able to report that about two-thirds of its worldwide profits were made in other countries, where it has used loopholes to access ultra-low foreign tax rates.
Now leaked documents help show how Apple quietly carried out a restructuring of its Irish companies at the end of 2014, allowing it to carry on paying taxes at low rates on the majority of global profits.
Those rates allowed it to accumulate into a $252 billion dollar mountain of cash offshore.
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