Economy

Ireland taken to court over not claiming Apple tax

Ireland taken to court over not claiming Apple tax”

Ireland responded on Wednesday that while it had never accepted the Commission's analysis of the Apple case, it respected European Union law and was committed to ensuring swift recovery of the contested state aid.

The EC Commissioner added that the commission understands recovery in some cases might be more complex than for others, and the organization is always willing to assist, but states that are members of the European Union must make progress to restore equal competition.

The deadline for Ireland to implement the Commission's decision on Apple's tax treatment was January 3, 2017, said the statement. "But [EU members] need to make sufficient progress to restore competition".

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.

On Wednesday, the European Commission announced that it has taken Ireland to court.

Ireland said that since the investigation, it has been engaged in dialogue with the Commission and Apple for more than a year.

"That is why it is extremely disappointing that the Commission has taken action at this time against Ireland."

"Ireland has to recover up to €13 billion in illegal state aid from Apple", Commissioner Margrethe Vestager, in charge of competition policy, said.

It said that until the illegal aid is recovered, Apple is benefitting from an "illegal advantage, which is why recovery must happen as quickly as possible".

It added the EC's decision was "extremely regrettable, especially in relation to a case with such a large scale recovery amount".

Ireland had appealed the decision, but was still under deadline to comply with the order.

The country claimed it had made progress on the issue and was close to the establishment of an escrow fund, which would continue despite Wednesday's referral.

The issue has also divided opinion in Ireland, with opposition MPs suggesting the government should use the windfall to fix the country's economy.



Like this

loading...
loading...

Latest


05 October 2017
The Current Analyst Recommendations for Splunk Inc. (SPLK), Cousins Properties Incorporated (CUZ)
The other 33, though not evenly; between analysts who think you should buy Splunk Inc. versus those who think you should sell it. Also, it has an estimated price-earnings (P/E) multiple of 84.91 and a trailing 12-month price-earnings (P/E) multiple of 16.44.

05 October 2017
Watching Shares of Navios Maritime Midstream Partn (NAP) — Technical Focus
Presently, Navios Maritime Midstream Partn (NAP)'s Williams Percent Range or 14 day Williams %R is resting at -27.27. Equities analysts expect that Navios Maritime Acquisition Corporation will post ($0.04) EPS for the current year.

05 October 2017
Apple releases watchOS 4.0.1 to fix cellular issues
Apple is also now in the process of beta testing watchOS 4.1, which will likely be released later this year to the public. watchOS 4.0.1 fixes a problem many ran into when reviewing the Apple Watch Series 3 before its release: connectivity.

05 October 2017
Russia Accuses US Of Helping Islamic State In Syria
The US maintains that the groups are still linked to Al Qaeda. The result of the operation suffered three Russian military.

05 October 2017
Winnebago Industries, Inc. (NYSE:WGO) Signals 'Overbought' Based on Its RSI
Price T Rowe Associate Incorporated Md holds 0% of its portfolio in Winnebago Industries, Inc . (NYSE:WGO) for 1,986 shares. Investors might also notice that two months ago the Buy recommendations (1) outnumbered Sell recommendations (0).

05 October 2017
Katie Nolan Joins ESPN
While at FS1, Nolan hosted the Sports Emmy Award-winning " Garbage Time " from 2015 to early 2017, when it was taken off the air. Nolan will have a "prominent digital presence" on ESPN , the network said.

05 October 2017
Szechuan Sauce Back at McDonalds for One Day Only
The sauce was given an important, if small, role in the highly-anticipated third season premiere of the animated sci-fi comedy. Clair Shores, 39, has never tried the sauce but plans on making a trip to McDonald's this weekend to score a packet.

05 October 2017
Zacks Investment Research Upgrades Santander Consumer USA Holdings Inc. (SC) to "Buy"
The stock witnessed 5.23% gains, 8.06% gains and 30.69% gains for the 1-month, 3-month and 6-month period, respectively. Equities analysts anticipate that Santander Consumer USA Holdings Inc . will post $1.74 EPS for the current year.

05 October 2017
Neill Blomkamp made a short film in Unity and it looks fantastic
The two new stories will be based on the mythology revolving the first Webby Award-winning short film ADAM . The Mirror will premiere during the live stream of the Unite Austin 2017 Keynote, which begins at 4 p.m.

05 October 2017
Dawood's brother Iqbal Kaskar sent to police custody till Oct 10
He is accused of issuing threats in the name of Dawood Ibrahim and demanding huge extortion money from businessmen. It is unclear as of now if Dawood was involved personally in his brother's extortion rackets or not.