“Ireland is set to miss a deadline to hire managers for Apple Inc.’s tax billions during an appeal of a European Union antitrust ruling, the latest delay in a saga that has dragged on for more than a year,” Peter Flanagan reports for Bloomberg.
“The Irish debt office is hiring custodians and investment managers for the estimated 13 billion euros ($15.3 billion) in back taxes Ireland has been ordered to collect from the iPhone maker,” Flanagan reports. “It had planned to award contracts by mid-November, according to tender documents it issued in July and September.”
“As of Thursday, no one has been hired,” Flanagan reports. “The processes is ongoing and the timetables in the tender documents were only for guidance, a spokesman for the agency said in an email response to questions.”
Read more in the full article here.
MacDailyNews Take: Good. Since those billions are Apple’s, not Ireland’s, as Ireland agrees.
SEE ALSO:
EU sues Ireland over $15.3 billion tax clawback from Apple – October 4, 2017
Ireland opposes EU’s 13 billion euro Apple tax grab, calls it unjustified – August 17, 2017
Apple close to deal protecting Ireland in fight over EU tax grab – August 11, 2017
Ireland seeks custodian for Apple $15.2 billion in back taxes as collection nears – July 22, 2017
EU Commissioner Vestager: Ireland ‘taking too long’ to recover Apple tax – May 19, 2017
EU’s hypocritical Margrethe Vestager going after Apple while backing Madeira tax avoidance scheme – February 14, 2017
Apple has missed the deadline to pay $13.9 billion to Ireland in illegal tax benefits – January 31, 2017
Apple CFO Maestri: What the EC is doing here is a disgrace for European citizens, it should be ashamed’ – December 19, 2016
Apple’s EU tax nemesis Margrethe Vestager takes aim at other U.S. companies’ offshore profits – September 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
Isn’t it great that MDN and Ireland agree that those billions of dollars belong to Apple. Too bad that these funds will be held in escrow, as a result of the case brought forth by the European Commission until the case is settled.
There are those of course that will go rah rah rah for Apple and I hope they win the case, however that being said, the law of the land will determine the outcome and as that land is Europe, it’s a great win for the free and civilized world regardless of the outcome.
Honestly, it doesn’t really matter, as these funds have already been earmarked for taxes. The only quibble is whether the US Treasury gets it or the Irish one. Any farthing paid to the Irish taxman is one less paid to the US one. That’s why US Treasury wrote a paper, Aug 24, 2016, opposing the EU’s ruling.
Lastly, the EU decision may not be valid, given they argue for two possible amounts of tax to retroactively be paid, the larger number which is the one everyone cites is 14B euros, while the smaller number is 1.2B euros. They argue for both possibilities, which is odd, since the argument for one, undermines the argument for the other and vice-versa. Hardly convincing. We’ll see what the appellate court rules.
Between you and I it might not matter but as Apple’s home country is always looking for or making up an excuse to invade or attack other nations I think that the EU and/or Ireland should worried and tread cautiously.
If you don’t worry about Socialism – you should be. The EU – which has NO legal control over the Ireland laws in investment or banking for foreign entities, saw a pile of money from Apple and just decided to confiscate it. It’s called legalized theft. But ironically it isn’t even legal. The EU’s money-grab is in direct conflict with Irelands laws. How can this happen? Absolute power corrupts absolutely. Socialism and power of it via the EU is monstrous, growing by the day. Even England which voted to get out (Brexit), is struggling to do so. Scary stuff people.