The latest batch of revelations from the ‘Paradise Papers’ have fingered tech giant Apple and the formula one driver Lewis Hamilton.
Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland's loose rules began in 2013 according to the latest releases.
The New York Times cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung. The cache of 13 million secret documents came from Appleby, a Bermuda-based law firm that helps businesses and wealthy individuals find tax shelters.
The moves came after a US Senate subcommittee found in 2013 that Apple had avoided tens of billions of dollars in taxes by using overseas havens. The paper said Apple has $128 billion in offshore profits not taxed by the US.
By 2015, Apple had moved the tax home of two Irish subsidiaries to Jersey, a self-governing island in the English Channel, and also made Ireland the tax home of a different European subsidiary.
Apple said in response that the reports contained various “inaccuracies”. For instance, the company said its 2015 corporate reorganisation was “specially designed to preserve its tax payments to the United States, not to reduce its taxes anywhere else.”
The company said it was the largest taxpayer in the world, paying $35 billion in corporate income tax over the last three years, including $1.5 billion in Ireland. It said it pays an effective tax rate of 21 percent on foreign earnings.
The company said that it told regulators in the US and European Commission of the reorganisation of its Irish subsidiaries in 2015 and said the moves did not reduce its tax payments in any country.
Formula one champion Lewis Hamilton avoided paying taxes on his private jet using an elaborate scheme now under investigation by British tax authorities.
The driver received a £3.3 million VAT refund in 2013 after his luxury plane was imported into the Isle of Man – a low-tax British Crown Dependency, according to the BBC and Guardian newspaper.
The ‘Paradise Papers’ allege accountancy firm EY and Appleby – the Bermuda-based law firm at the centre of the leaks – assisted Mr Hamilton and dozens of other clients in setting up seemingly artificial leasing businesses to get multi-million-pound VAT rebates.
The complex arrangements, which involved the individuals forming entities that rented their own jets, may contravene Europe-wide rules forbidding refunds for personal use, the media outlets said.
Mr Hamilton’s lawyers told the BBC a review by a tax barrister found the structure was lawful, and that some VAT had been paid through the arrangements.
There is also no indication Hamilton was directly involved in creating the scheme, and simply followed professional advice, the Guardian said.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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RESULT
Copa del Rey, semi-final second leg
Real Madrid 0
Barcelona 3 (Suarez (50', 73' pen), Varane (69' OG)
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Mountain%20Boy
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UAE currency: the story behind the money in your pockets
Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
Villains
Queens of the Stone Age
Matador
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Visa changes give families fresh hope
Foreign workers can sponsor family members based solely on their income
Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.
Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process
In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.
In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.
To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation
