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Apple Pays Off its $15.4 Billion Irish Tax Bill

posted by martyb on Friday September 21 2018, @10:30AM   Printer-friendly
from the one-bad-apple... dept.

MrPlow writes:

Submitted via IRC for SoyCow1984

The EU deemed Ireland's tax break to Apple illegal in 2016 as it gave the company a "significant advantage" over its competition. Apple was ordered to pay back the taxes it owed for the period between 2003 and 2014, along with interest. Unsuccessful appeals followed until Apple began paying back the money, starting with a $1.76 billion payment in May of this year, into an escrow fund.

"In light of the full payment[*] by Apple of the illegal State aid it had received from Ireland, Commissioner Vestager will be proposing to the College of Commissioners the withdrawal of this court action," European Commission spokesman Ricardo Cardoso said in an email to Reuters.

[*] 13.2 billion Euros ($15.4 billion) in back taxes, plus interest of 1.2 billion Euros ($1.4 billion)

Source: https://www.engadget.com/2018/09/19/apple-pays-irish-tax-bill-eu/

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  • (Score: 1) by khallow on Friday September 21 2018, @11:53AM (2 children)

    by khallow (3766) Subscriber Badge on Friday September 21 2018, @11:53AM (#738059) Journal
    When it comes to creative accounting, who knows how much cash they really have. Keep in mind that they've already played games to avoid paying taxes in both the EU and the US. Who knows what that entry on the form is really worth?

  • (Score: 2) by MostCynical on Friday September 21 2018, @12:13PM (1 child)

    by MostCynical (2589) on Friday September 21 2018, @12:13PM (#738063) Journal

    Yes, I should have put "declared" in front of the word "cash".
    Likely the real number means this payment will barely show as a rounding error in the real balance sheet.

    --
    "I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex

    • (Score: 2, Interesting) by khallow on Friday September 21 2018, @12:45PM

      by khallow (3766) Subscriber Badge on Friday September 21 2018, @12:45PM (#738073) Journal

      Likely the real number means this payment will barely show as a rounding error in the real balance sheet.

      My take is that it'll go the other way. Just like when mice and bugs get into stored food.