“Apple Inc.’s bill for unpaid taxes in Ireland is creeping upwards, as authorities try to figure out exactly how much the world’s richest company owes,” Dara Doyle and Stephanie Bodoni report for Bloomberg.
“European Union competition watchdogs ordered Ireland to claw back a record 13 billion euros ($13.9 billion) plus interest in unpaid taxes from the iPhone maker last August, covering the years 2003 to 2014. Apple and Ireland have appealed the EU’s Aug. 30 decision,” Doyle and Bodoni report. “In a worst-case scenario, the interest payment could ultimately approach 1.5 billion euros, bringing the total bill close to 14.5 billion euros, according to estimates by Matt Larson, a Bloomberg Intelligence technology analyst.”
Doyle and Bodoni report, “While the Jan. 3 deadline for payment passed without the money arriving, the Irish finance ministry said the EU regulator is satisfied with progress.”
Read more in the full article here.
MacDailyNews Take: Brussels is potentially the universe’s epicenter of self-delusion.
SEE ALSO:
Apple CEO Cook declines invitation to discuss EU tax ruling with Irish parliament – January 5, 2017
Ireland accuses EU of exceeding power in Apple tax grab – December 19, 2016
Apple formally appeals EU tax grab this week, says company was a ‘convenient target’ – December 19, 2016
The ‘Brexit-Apple’ connection: What in the world was Margrethe Vestager thinking? – September 12, 2016
EU ministers line up to take tax bites out of Apple – September 12, 2016
Former EU competition commissioner: Vestager claim that Apple owes back taxes an incorrect use of EU law – September 2, 2016
Irish government to fight EU on Apple tax – September 2, 2016
Treasury accuses EU of trying to steal U.S. tax revenues with Apple decision – September 1, 2016
Irish residents opposed to EU’s tax demand of Apple – September 1, 2016
Apple Inc. pushes back against EU tax grab – September 1, 2016
Apple may repatriate billions of dollars next year after new U.S. President takes office – September 1, 2016
U.S. tax code allows for dramatic retaliation against EU overreach in Apple case – September 1, 2016
Apple CEO Tim Cook on EU tax demand: ‘No one did anything wrong here and Ireland is being picked on… It is total political crap’ – September 1, 2016
U.S. Treasury: The European Commission’s retroactive tax demands on Apple are unfair – August 30, 2016
EU demands Apple pay massive $14.5 billion in taxes plus interest – August 30, 2016
U.S. government warns EU: Do not hit Apple with a massive back tax bill – or else – August 25, 2016
ain’t that globalism just grand?
You’re beginning to make me believe that a right wing looney toons, and a center-leftist can actually agree to a degree.
Conclusion? It was a straw man argument to begin with, globalization is a sovereignty thing, not an economic policy alone.
That, and you’re still adorably nuts!
sovereignty IS economics…a country’s power to make its own deals, its own treaties, its own taxation and tariffs without being “overridden” by GATT or any other non-American organization is unquestionably “economics.”
It’s beyond just economic self determination. Think outside your pocket.
There’s nothing in my pocket, The Muslim Usurper got it all.
Even your right pocket…?
“Brussels is potentially the universe’s epicenter of self-delusion.”
Not for two more days, seven hours and 44 minutes. 1600 Pennsylvania Avenue, Washington, DC is currently “the universe’s epicenter of self-delusion” by a longshot.
Brussels thinks that they’re gonna collect a windfall by using the agreement (contracts) that Apple had with Ireland. Brussels wants to inject itself into a previously agreed upon negotiation by two parties outside of their ‘purview’.
This is a prime example of a European gov’t entity getting involved in a situation in which it has no business, with the express purpose of extorting money (i.e. Taxes & ‘damages’) from Apple under the auspices of ‘fairness’.
I don’t think the next US administration is gonna let that happen.
In spite of all his perceived idiosyncrasies, think Trump will defend American business tooth & nail (in this case, Apple) from being pillaged by the onerous regulatory control of the Bandits of Brussels.
Maybe i’m mistaken, but i don’t think this will turn out well for Merkel, et al.
This is the ‘test run” of what the globalists had planned for the Climate Change hoax: extorting monies from Western nations, destroying their industrial might.
but, oops, Donald Trump was elected. The fly in the buttermilk…jeez, I just love it when the good guys win.
It was well within the EU’s purview. Ireland is a founding state of the EEC, which evolved into the EU. Ireland cannot funnel all EU sales though Ireland at their tax rate. There are rules…
…and there is extortion.
Hey, Apple should sue Ireland too for making representations they can’t uphold.
no, Ireland should leave the EU forever and reclaim their sovereignty.
That’s an Irish decision and no one else’s.
“Brussels is potentially the universe’s epicenter of self-delusion”
Why? Does anyone here really think it is just fine that Apple´s pays around 30% tax on goods sold in the US, but none at all for all sold outside the US?
It boils down to this: Ireland has tax laws stating that every company must pay 12.5%. For whatever reason (yeah, I know, lots of jobs and lots of employees paying income tax) they did a special contract with Apple at 1% tax rate (give or take). EU says: That´s not right, no special deals, tax rate must be 12.5%, or whatever the local law is.
So where is the problem?
BTW, The EU does not see a penny of these taxes, as all goes to Ireland.
OTOH, biggest paying countries to the EU (such as GB, France and Germany) will profit, cause now Ireland is no longer as poor as it made itself and therefore the “payers” can ask for a couple of billion back.
What´s not to like?
Stop. Making. Sense.