“The European Union’s competition commissioner has said that its probe into Apple’s tax deals with Ireland would continue even if the company moved some of its $200bn overseas cash pile back to the US,” Barney Jopson and Tim Bradshaw report for The Financial Times.
“Apple’s stated intention to repatriate a substantial portion of its overseas cash could prove crucial as it tries to fend off the EU’s long-running investigation into its alleged sweetheart tax deals with the Irish government.,” Jopson and Bradshaw report. “Support has been growing in Washington for proposals to overhaul the taxation of American companies’ overseas profits, with presidential candidates including Donald Trump advocating a one-off mandatory levy at a reduced rate to encourage executives to bring the money home.”
“However, on a visit to Washington last week, Margrethe Vestager, the EU competition commissioner overseeing a probe into Apple’s Irish tax arrangements, said that moving its offshore cash around now would change nothing,” Jopson and Bradshaw report. “‘Whether or not Apple wants to repatriate part of their unrepatriated profits is purely up to Apple and is of no concern [to] our case work,’ she told reporters.”
Read more in the full article here.
MacDailyNews Take: Should the EU get their grubby hands on any portion of Apple’s hard-earned money, we’re sure they’ll spend it oh so wisely.
Once again, Apple simply followed the law when paying their taxes:
There was no special deal that we cut with Ireland. We simply followed the laws in the country over the 35 years that we have been in Ireland. If the question is, was there ever a ‘quid pro quo’ that we were trying to strike with the Irish government – that was never the case. We’ve always been very transparent with the Irish government that we wanted to be a good corporate citizen… If countries change the tax laws, we will abide by the new laws and we will pay taxes according to those laws. – Apple CFO Luca Maestri
SEE ALSO:
Analyst: Apple investors unconcerned about potential EU tax bill – April 5, 2016
EU’s Vestager says will not complete tax inquiries of Apple, others in second quarter – May 5, 2015
U.S. demands EU reconsider tax probes of its companies – February 12, 2016
U.S. Treasury official to meet EU antitrust team over Apple tax deals – January 29, 2016
Apple and Google stand by Europe tax deals; Rupert Murdoch weighs in – January 27, 2016
Apple could trigger global tax war, potential breakdown of the international tax system – January 27, 2016
Apple CEO Cook lobbies EU antitrust chief over Irish back taxes – January 21, 2016
Think Ireland’s corporate tax is unfair? Wave goodbye to Apple and thousands of jobs if it’s changed – November 14, 2015
Apple announces 1,000 new jobs in Ireland as EU tax ruling nears – November 11, 2015
Apple tax probe won’t hurt Ireland, Finance Minister Noonan says – October 5, 2015
EU’s Vestager says will not complete tax inquiries of Apple, others in second quarter – May 5, 2015
Apple warns of potential ‘material’ financial damage from European tax probe – April 29, 2015
Apple may have to pay Ireland 10 years of back taxes – April 30, 2015
EU’s plans to tackle corporate tax avoidance hits first roadblocks — February 12, 2015
Ireland’s Prime Minister: Apple has nothing to fear from end of ‘Double Irish’ tax avoidance strategy – November 4, 2014