įollowing a 2013 US Senate investigation, which featured testimony by CEO Tim Cook, Ireland announced that henceforth Irish companies would be required to declare tax residency somewhere in the world. In other words, Apple (some suggest) transferred them to a subsidiary located in Ireland for the tax incentives, and didn't have to pay any tax on the transaction in Bermuda either, on the value it declared on the property when it sold them to itself. This may indicate that Apple took advantage of a tax incentive known as a capital allowance, which gives Irish companies generous tax breaks for buying intangible property – essentially intellectual property like patents. The company's 2015 gross domestic product showed a 26% increase, and close to $270 billion of intangible assets suddenly appeared in Ireland as the year began – more than the entire value of all residential property in Ireland. reorganization of three Irish subsidiaries. Main articles: Leprechaun economics and Ireland as a tax havenĪ great deal of the company's intangible property was exposed around the time of an internal Apple Inc. According to The Express Tribune, "Apple, Nike, and Facebook avoided billions of dollars in tax using offshore companies." Īmong the Indian companies listed in the papers are Apollo Tyres, the Essel Group, D S Construction, Emaar MGF, GMR Group, Havells, Hinduja Group, the Hiranandani Group, Jindal Steel, the Sun Group and Videocon.
Companies named Īccording to the papers, Allergan (the manufacturer of Botox), Allianz, Apple Inc., Facebook, Global Vantedge, McDonald's, Nike, Inc., Siemens, The Walt Disney Company, Twitter, Uber, Walmart, and Yahoo! are among the corporations that own offshore companies. The documents were released by the consortium on 5 November 2017. This allowed journalists across the globe to undertake collaborative investigative work. The consortium made the data available to these media partners using Neo4j, a graph-database platform made for connected data, and Linkurious, graph-visualization software. Süddeutsche Zeitung journalists contacted the ICIJ, which has been investigating the documents with 100 media partners. The data breach comprises some 13.4 million documents-totaling about 1.4 terabytes-from two offshore service providers, Appleby and Asiaciti Trust, and from the company registers of 19 tax havens. According to the BBC, the name "Paradise Papers" reflects "the idyllic profiles of many of the offshore jurisdictions whose workings are unveiled", so-called tax havens, or "tax paradises". The documents were acquired by the German newspaper Süddeutsche Zeitung, which had also obtained the Panama Papers in 2016.
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The company added: "Our systems were accessed by an intruder who deployed the tactics of a professional hacker". Īppleby stated the firm "was not the subject of a leak but of a serious criminal act", and "this was an illegal computer hack". After media outlets started reporting on the documents, the company said there was "no evidence of wrongdoing", and they "are a law firm which advises clients on legitimate and lawful ways to conduct their business", and they "do not tolerate illegal behaviour". Appleby said that some of its data had been stolen in a cyberattack in the previous year and denied the ICIJ's allegations. Later that month, the International Consortium of Investigative Journalists (ICIJ) approached the offshore law firm Appleby with allegations of wrongdoing. On 20 October 2017, an anonymous Reddit user hinted at the existence of the Paradise Papers. The released information resulted in scandal, litigation, and loss of position for some of the named, as well as litigation against the media and journalists who published the papers. Among those whose financial affairs are mentioned are, separately, AIG, Prince Charles and Queen Elizabeth II, President of Colombia Juan Manuel Santos, and U.S.
They contain the names of more than 120,000 people and companies. The documents originate from the legal firm Appleby, the corporate services providers Estera and Asiaciti Trust, and business registries in 19 tax jurisdictions.
Some of the details were made public on 5 November 2017 and stories are still being released. The newspaper shared them with the International Consortium of Investigative Journalists, and a network of more than 380 journalists. The Paradise Papers are a set of over 13.4 million confidential electronic documents relating to offshore investments that were leaked to the German reporters Frederik Obermaier and Bastian Obermayer, from the newspaper Süddeutsche Zeitung.
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