“The European Commission will withdraw its complaint against Ireland for not recovering 13 billion euros ($16 billion) in unpaid taxes from Apple, but only if the country recovers that amount in full, the EU’s Competition Commissioner Margrethe Vestager told CNBC,” Silvia Amaro and Natasha Turak report for CNBC.
“The EU took Ireland to the European Court of Justice last October for failure to recover the sum from the technology giant, when it was ruled that Apple had benefited from illegal tax benefits in Ireland in August 2016,” Amaro and Turak report. “According to EU law, the recovery of funds should usually take four months after the Commission issued its decision.”
“Apple in 2016 was ordered to pay Ireland the record-breaking sum after a ruling by the European Commission concluded that the country granted undue tax benefits to Apple,” Amaro and Turak report. “In 2016, Apple CEO Tim Cook said the EU’s decision would harm future investment decisions in Europe.”
“Ireland’s low corporate tax rate of 12.5 percent has been a major point of attraction for multinational investors, who have flocked to the country in their thousands,” Amaro and Turak report. “Nearly two years after the commission’s decision, the money in unpaid taxes has yet to be transferred.”
Read more in the full article here.
MacDailyNews Take: So-called unpaid taxes.
Anyone who decides to set up a business in a European Union member country today is insane. — MacDailyNews, August 30, 2016
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