Tuesday August 30, 2016

EU Demands Apple Pay Ireland $14.6B In Taxes

It's going to be pretty damn interesting to watch Apple try to squirm its way out of this one. According to the article, Apple paid tax at 1% on profits attributed to its subsidiaries in Ireland, well below Ireland's 12.5% rate and the 35% corporate tax rate in the US.

"Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years," said Competition Commission Margrethe Vestager, whose crackdown on mainly U.S. multinationals has angered Washington which accuses Brussels of protectionism.