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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: 2) by MostCynical on Friday September 21 2018, @10:47AM (5 children)
six percent of cash reserve.
https://www.cnbc.com/2018/07/31/apple-q3-cash-hoard-heres-how-much-money-apple-has.html [cnbc.com]
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 1) by khallow on Friday September 21 2018, @11:53AM (2 children)
(Score: 2) by MostCynical on Friday September 21 2018, @12:13PM (1 child)
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
My take is that it'll go the other way. Just like when mice and bugs get into stored food.
(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.
(Score: 0, Disagree) by Anonymous Coward on Friday September 21 2018, @11:38AM (3 children)
WEEEEEEEEEEEEEEEEE!
(Score: 2) by WizardFusion on Friday September 21 2018, @12:06PM (2 children)
Scotch whiskey is from Scotland, not Ireland.
"Scotch Whisky Regulations require anything bearing the label "Scotch" to be distilled in Scotland and matured for a minimum of three years in oak casks, among other, more specific criteria"
(Score: 2) by FatPhil on Friday September 21 2018, @12:22PM (1 child)
(Trolling aside, Connemara's a beautiful peated whiskey, it easily stands shoulder to shoulder with the finest Islays.)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 0) by Anonymous Coward on Friday September 21 2018, @01:08PM
No need to squander it - won't somebody think of the Leprechauns? Pots of gold have been wearing thin since 3rd world kids learned how to make shoes!
(Score: 3, Funny) by Phoenix666 on Friday September 21 2018, @11:48AM (3 children)
Did they pay it off in pennies? Because I would have paid it off in pennies.
Washington DC delenda est.
(Score: 3, Funny) by shrewdsheep on Friday September 21 2018, @12:21PM
Sure, this is why it took them so long.
(Score: 0) by Anonymous Coward on Friday September 21 2018, @01:18PM
Hm, according to a quick duck search a 1 cent euro weighs 2.30 grams. So that's 3 million ton of cents. (at 457000 m³). I wish them good luck with that.
(Score: 1, Touché) by Anonymous Coward on Friday September 21 2018, @01:49PM
EU is not so obtuse. They would require payment by SEPA and simply not accept cash. This already happens in most other jurisdictions too.
(Score: 0) by Anonymous Coward on Friday September 21 2018, @05:33PM
Corporations can get away with publicly and officially saying in the USA (and elsewhere) "Last year I earned X billions" and maybe even borrowing and spending in the USA based on those "declared earnings" but also telling the US (and other) tax people "Last year I didn't earn a cent, I made a loss".
Good luck doing that when you're a small guy or someone the Gov "doesn't like".
(Score: 1, Funny) by Anonymous Coward on Friday September 21 2018, @09:29PM
That money belonged in America. It's your fault that the American potato industry is suffering.
(Score: 2) by deimtee on Saturday September 22 2018, @03:13AM
The article doesn't mention who is eventually getting the cash. Is it the EU? Why?
Or does it go to Ireland, who might be publicly going "oh no you can't tax Apple extra, we promised" while privately going "yippee!! what can we do to lose this case?"
If you cough while drinking cheap red wine it really cleans out your sinuses.