Earlier this week Brad covered the latest tax ruling against the biggest tax avoiders in the history of the world.Please allow me to ro recap, a little over a year ago the EU determined that Apple owes $15 Billion in back taxes due to the schemes they had set up in Ireland. Let the Shell Game begin!
Anticipating the closure of the Irish tax loophole, Apple had established a new tax haven in the Isle of Jersey (not New Jersey!). Now with a new loophole firmly in place they agreed to pay the $15B fine with a caveat – the money will remain in an escrow account pending an appeal which is currently before the Court of Justice of the European Union!
So this could play out one of three ways – with #2 being favorable to Apple.
- they (Apple) win the appeal,
- Apple loses the appeal and pays,
- Apple loses the appeal but weasels its’ way out of releasing the monies from escrow
I’m not sure of the timing regarding the decision from the Court of Justice of the European Union, but whatever their decision I’m sure it will be getting a fair bit of press.
Given the tax avoidance shenanigans played by Apple and all the other mega-corporations, I was wondering if I could create a tax-haven for the common people? You know, a place where they could hide the money they realize when emptying the coins from their piggy bank? Or that extra money found in between the cushions of the sofa, or underneath the car seat? Over a lifetime that money adds up and why should some tax authority have rights to it? Let’s all play the Shell Game!