Queen urged to apologise if Paradise Papers tax allegations correct

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"First obtained by the German newspaper Süddeutsche Zeitung, the documents were then shared with scores of journalists and researchers associated with the International Consortium of Investigative Journalists and other media organizations, including the New York Times, BBC, and the Guardian". The company has since accumulated a $252 billion mountain of offshore cash.

The Labour leader said that those exposed by the Paradise Papers should "not just apologise for it, but also recognise what it does to our society".

These 19 secrecy jurisdictions are listed as: Antigua & Barbuda, Aruba, Bahamas, Barbados, Bermuda, Cayman Islands, Cook Islands, Dominica, Grenada, Labuan, Lebanon, Malta, Marshall Islands, St Kitts & Nevis, St Lucia, St Vincent, Samoa, Trinidad & Tobago and Vanuatu.

The 13.4 million Paradise Papers files released yesterday evening have shined a light on many, including the "rich and powerful", who have opted to protect their wealth by using offshore accounts.

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Apple's offshore cash holdings [Chart: courtesy of SEC Filings] At the time lawmakers in Ireland (where Apple now keeps nearly all of its money) were cracking down on multinationals operating Irish subsidiaries for tax purposes, including Google, Facebook, LinkedIn, other tech companies and drugmakers like Abbott Laboratories.

The leaked files from Appleby, the offshore law firm, include details of tax planning by almost 100 multinational corporations, including Apple, Nike and Uber.

Meanwhile, Appleby responded saying it has thoroughly and vigorously investigated the allegations and it is satisfied that there is no evidence of any wrongdoing, either on the part of itself or clients. "All of our investments are fully audited and legitimate", it said.

There is no suggestion that those involved acted illegally. It is a member of the "Offshore Magic Circle", an informal clique of the world's leading offshore law firms. However, the CBDT said it is still to receive full details of the latest disclosures.

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