SoylentNews is people
SoylentNews
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/
(Score: 0) by Anonymous Coward on Friday September 21 2018, @01:47PM (1 child)
This was about not paying taxes in the EU, which relate to EU relative income, not world income. If Apple doesn't pay taxes in Thailand (as an example), then it's not the problem of EU.
(Score: 4, Insightful) by bob_super on Friday September 21 2018, @05:00PM
Way to answer completely off the mark. The payment comes off Apple's cash, the same way that back taxes in Thailand would come off Apple's cash too.
The important part of Apple paying, is the impact on all the other tech companies hiding their revenues using tax-friendly Ireland and double-Dutch sandwiches. If the EU can make Apple pay, over the objections of Ireland and the lawyers of Apple, then everyone else is now expecting to receive a tax bill. Makes Ireland less attractive. Makes the EU a place where playing tax heaven is much harder, and that changes a lot of bottom lines given the tax levels there.