European Union takes Ireland to court over $15bn Apple back taxes

European Union takes Ireland to court over $15bn Apple back taxes”

"But member states need to make sufficient progress to restore competition".

The issue is complicated by the fact that Ireland doesn't actually want Apple to pay the money, since it might discourage other multinationals from setting up shop there.

The decision to take Ireland to court was made after Ireland failed to make any significant progress in the acquisition of these back taxes.

The European Commission has referred Ireland to the Court of Justice over its failure to recover illegal tax benefits from Apple worth up to €13bn (£11.5bn).

Ireland's Department of Finance, in a statement, said it has never accepted the European Commission's analysis of the Apple arrangement.

According to the Financial Times, EU competition commissioner Margrethe Vestager is expected to announce a recovery order against Amazon later today. Why? "However, we have always been clear that the Government is fully committed to ensuring that recovery of the alleged Apple state aid takes place without delay and has committed significant resources to ensuring this is achieved". In the other state aid cases recovery has been made, in the Fiat case, in the Starbucks case.

It required that illegal aid be recovered - something that the European Commission says has not been done.

Europe's top anti-trust authority - ruled in 2016 that the Irish government had granted illegal aid to Apple by helping the iPhone maker keep its tax bill artificially low for more than 20 years.

In addition, Ireland is being taken to court for its failings in collecting tax from Apple, which, in Europe, calls the nation home.

There are suspicions that Dublin is deliberately stalling the process whilst it formulates an appeal to the ruling, which it may launch in conjunction with Luxembourg.

Both Apple and Ireland have appealed the decision, which was laid down on behalf of the Commission by European Union competition commissioner Margrethe Vestager. Mr Juncker has denied all knowledge of such a deal and any wrongdoing.

Ireland's government said it was "extremely disappointing" that the Commission has chose to refer the case to court.

Ireland is extremely sensitive over any tax decisions taken at European Union level given its economy relies heavily on a proliferation of big multinations based there to take advantage of a low corporation tax rate.

Like this


04 October 2017
Rajnish Kumar Appointed New Chairman Of State Bank Of India (SBI)
Mumbai: Rajnish Kumar , managing director at the State Bank of India, has been named as new chairman of State Bank of India. Arundhati Bhattacharya's four years atop the country's largest lender have seen bad debt rise and the shares underperform.

04 October 2017
Goldman Sachs Group, Inc. (The) Reiterates "Neutral" Rating for BP plc (BP)
QinetiQ Group plc is a science and engineering company operating in the defense, security and aerospace markets. Jefferies Group LLC's price objective suggests a potential downside of 1.67% from the stock's previous close.

04 October 2017
Harvest Moon to Rise this Week
This is only the 18th October appearance by a harvest moon in the 80 years between 1970 and 2050, reported. The name was given to the September moon by Native Americans because it marked when corn was supposed to be harvested.

04 October 2017
Rezvani TANK | Military Inspired, Built To Take On Anything
The base Rezvani Tank kicks off at $178,500, with orders already open and first deliveries scheduled before the end of the year. Rezvani also has two other powertrains planned, with one generating less than 500 horsepower and the other generating more.

04 October 2017
Soumya Swaminathan appointed as new World Health Organization deputy director
Some of Swaminathan's interest areas have been tuberculosis (TB) and other lung diseases, especially drug-resistant tuberculosis. She has also served as the director of the National Institute for Research in Tuberculosis, Chennai.

04 October 2017
Going Through the Chart for JPMorgan Chase & Co. (JPM)
Company insiders own 0.88% of the company's stock. 6,514 shares valued at $568,100 were sold by BACON ASHLEY on Thursday, May 11. On average , equities research analysts expect that J P Morgan Chase & Co will post $6.80 EPS for the current fiscal year.

04 October 2017
Vijay Mallya Arrested In UK In Money Laundering Case, Gets Bail
The defence agreed to review the evidence and will prepare its response before the actual extradition hearing on December 04. The extradition request was sent to the United Kingdom for their consideration under bilateral extradition treaty.

04 October 2017
Judge denies new trial for Steven Avery
The filmmakers defended their work and supported calls to set both Avery and Dassey free. He said the Department of Justice would continue to vigorously defend Avery's conviction.

04 October 2017
Xiaomi sets sales record thanks to high demand in India
Connectivity options include 4G LTE, dual-band (2.4GHz and 5GHz) Wi-Fi 802.11ac, GPS/ A-GPS, Bluetooth v5.0, and USB Type-C. If Xiaomi manages to keep the pricing of the device below Rs. 30,000, it would be a game changer in the Indian market.

04 October 2017
RAF fighter jets scrambled to escort Ryanair plane into Stansted
Emergency services including multiple fire engines, ambulances and police cars were seen heading to meet the plane when it landed. Meanwhile, Essex police said they were at the scene "following reports of a security alert", and enquiries are ongoing.