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EU Commission: Apple must repay its $14.5b Irish tax break
It's one of the largest deals of its kind in European history.
Matt Brian

46m ago
in Politics
The European Commission has ruled that Apple was given up to €13 billion ($14.5 billion) in an illegal sweetheart tax deal with the Irish government. The amount of money involved here dwarfs the EU antitrust penalties handed out to Google, Microsoft and others, but this is effectively a backdated tax bill, rather than a fine. Officials
opened the investigation
into Apple's tax affairs back in 2013 and soon found that the agreement that it had signed with
Ireland was illegal
.
The Commission says that because the deal gave Apple a "significant advantage" over its competition, the iPhone maker must now be prepared to pay back "illegal state aid" over the ten-year period before it began investigating its tax practices. Officials say that amount totals around €13 billion (from between 2003 and 2014) and that interest must also be accounted for. That could mean an additional €1-2 billion could be bolted onto that figure.
"Member States cannot give tax benefits to selected companies – this is illegal under EU state aid rules. The Commission's investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years," says Commissioner Margrethe Vestager. "In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1 percent on its European profits in 2003 down to 0.005 percent in 2014."
The story began way back in 1991 when Apple signed a deal with the Irish government that enabled it to use a very specific type of tax loophole. This loophole was called a "
double Irish" and, very simply, allowed Apple to split profits, paying almost nothing in the process. It's quite a successful system, and in 2014, Apple was able to
stash two-thirds
of its global income in this tax haven. While Apple is feeling the effects of the ruling, it was Ireland that arranged the illegal deal.
It's not just Europe that feels that Apple's tax affairs were shady, with Senator Carl Levin criticizing the company back in 2013. He wrote a lengthy report (
.PDF) saying that Apple had negotiated an effective tax rate of less than two percent in Ireland. In the US, by comparison, it would have been expected to at least pay 15 percent.
But sweetheart deals are in violation with the principles of the free market, which the European Commission has sought to uphold. Countries are barred from offering secret handouts to give local players an unfair advantage over the competition. This is classified as "state aid," and is illegal in the eyes of the Commission.
The US won't agree with the ruling, given that it feels that any tax Apple owes should go to the treasury. Tim Cook himself has said that he feels that where you "
create value is the place where you are taxed
." The implication being that the only place Apple should be on the hook for tax is in the US, even though much of that value is created in Foxconn's Chinese factories. But, then again, it's not as if the US currently benefits from Apple's largesse, either.
The company has been very open about the fact that it has roughly $230 billion stashed in overseas bank accounts that it refuses to repatriate. Cook justifies this by saying that the cost of returning money to the US is too high -- shaking out to a tax rate of almost 40 percent, or $92 billion. An investigation over at
Forbes revealed that Apple recently hired a Washington lobby firm to push for a corporate tax holiday, even though such a program has been proven not to work.
Apple and the Irish government will appeal the ruling.
Daniel Cooper contributed to this report.

Source:
Europa
In this article:
apple, Avoidance, culture,
DoubleIrish, EC, EU, Ireland, politics, Tax
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Tierre Jevon's profile photoSamsung Knight's profile photoJason F's profile photo
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Ha, now you know why Apple's European headquarters are in Ireland.

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Lmao people so against Samsung that they are buying phones from the nearest gas stations and doing reviews on them! Ha ha while Samsung is breaking records and killing the other OEMs.
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Note 7 doing me good tonight. So is Mari....Great night, Knights!
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+purvi gokani thanks yall

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Samsung Cloud on T-Mobile 
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Before I signed-off for the weekend, I took part in a bit of a tweetstorm about the Samsung Galaxy Note 7 from Verizon, as it just-so-happened to arrive on my doorstep during the DL Show. The tweetstorm’s focus, in case you missed it, was about all of the unnecessary changes that Verizon had made to …
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Galaxy Note 7 review: Samsung’s next-generation phablet closes in on perfection - SamMobile
http://www.sammobile.com/2016/08/30/galaxy-note-7-review-samsungs-next-generation-phablet-closes-in-on-perfection/
The Galaxy Note 7 is the smartphone from Samsung that is poised to wrap up 2016 before it's over and award the ...
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Yes it does

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This is what I'll use.
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They hate Samsung so much that every post has a reference of hate towards Samsung. Lmao I bet HTC wish Samsung would throw them some crumbs off the side of the table. Boring ass phone.
 
Yeeeaaay!!! 😍 Happy to report HTC 10 is back to it's best now since this particular update. Quicker then my S7 Edge now and definitely a lot more responsive then what it was before. Buy with confidence people 😉👍😆!!! 
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Win

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Still a great phone beyond the nerds useless test on the net. When I need a dependable phone in any environment nothing beats a Samsung phone. Brightest screen. Best battery life, best design, greatest software for what I do daily. S-Pen rocks
The Note7 has bright the ire of enthusiasts due to its performance issues, but there is more than meets the eye when it comes to Samsungs latest.
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Yes sir

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Love the cases with Kickstands. Metal ones.
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+Olivia Olivia Some excellent stuff for bikes, love that smartphone helper device . Now...... All I need is a bike!!! 😉 

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Here's what I know about carriers and the Note 7.
T-Mobile is the only carrier that comes close to giving you a Samsung experience without interfering and taking features away. My Note 7 does not lag. Does give me great battery life. Carriers do manipulate the phones software and it does make a difference which carrier you are on.
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