“Apple have plans to move $9 billion worth of assets to Cork in a move which will have significant benefit to the Irish Revenue,” Alan Loughnane reports for Joe.ie.
“According to Jack Horgan-Jones in The Sunday Business Post [paywall], Apple have decided to move all of the intellectual property connected with iTunes to Holyhill, just outside of Cork city,” Loughnane reports. “The decision comes on the back of changes to the European VAT system which have ended the benefits of housing the intellectual property in Luxembourg, where it was previously held.”
Loughnane reports, “The benefits for Ireland of such a relocation would mean that the Revenue will receive tens of millions in VAT from Apple according to experts.”
Read more in the full article here.
MacDailyNews Note: Apple CEO Tim Cook said last November that Apple was in Ireland for the long haul and expected to expand significantly in the future. Apple has become an important employer in Ireland and is also partnered with the Sustainable Energy Authority of Ireland to support research in offshore energy technology.
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
Irish residents opposed to EU’s tax demand of Apple – September 1, 2016
Apple CFO Maestri: Despite EU tax ruling, we will continue to invest in Ireland – August 30, 2016
Apple set to create 1,000 more jobs in Cork, bringing workforce in Ireland to 6,000 – August 26, 2016
Apple CEO Cook blasts European Commission for ‘ignoring Ireland’s tax laws, upending the international tax system’ – August 30, 2016