Via tomorrow’s Financial Times:
Apple will be accused of prospering from illegal tax deals with the Irish government for more than two decades when Brussels this week unveils details of a probe that could leave the iPhone maker with a record fine of as much as several billions of euros.
Preliminary findings from the European Commission’s investigation into Apple’s tax affairs in Ireland, where it has had a rate of less than 2 per cent, claim the Silicon Valley company benefited from illicit state aid after striking backroom deals with Ireland’s authorities, according to people involved in the case.
“We were simply trying to understand what was the right amount of taxes that we would have to pay in Ireland,” Mr Maestri said of the agreements, describing Apple’s approach as “very responsible, transparent and prudent”.
Legal curbs on state aid to companies are unique to the EU and Brussels has far-reaching powers to recover illegal support stretching back 10 years. While the commission has not yet made a precise calculation of improper support, it is expected to reach billions of euros.
The accusation that Apple rode to riches totalling $137.7bn in offshore cash with the help of the Irish taxpayer will come as a blow to a company that has striven to burnish its image of corporate social responsibility in recent years.
Apple Hit By Brussels induing Over Irish Backroom Deals (FT) – behind Paywall
Previously: Falling Far From The Tree
Looks like we and Apple are guilty of this one. Other countries and the EU have every right to be pi**ed off at us. Looks like we’ll have to pay the piper, whether it be in recovered ill-gotten gains, or in our reputation internationally.
“We”? “Us”?
Yes. We voted for Noonan.
You vote? Wonders never cease. Can you really add anything intelligent to this issue ABM? Stick with your hallmark displacement activities of obsessing about abortion and marriage equality. This is hardly the topic for you ABM. Isn’t there alcohol to be consuming or something vile online for you to oogle?
Looks like? hmmm k
Don’t get your knickers in a twist now Tom.
FT regularly gets it wrong.
http://brianmlucey.wordpress.com/2014/09/21/the-financial-times-getting-it-wrong-on-ireland-and-how/
Illicit backroom deals me arse.
There are no details there on what exactly is ‘illicit’ and how much state aid was given? State aid in terms of what exactly?
Can’t read any more as it’s behind a paywall, just as well, coz it’d be a waste of money.
Did ye get the inspiration for this thread on the comments section of the Monday papers thread?
‘Rotten to the Core’ and ye haven’t the slightest bit of detail administrators.
I know corporate tax is complicated, but for ffs, ye’ve given absolutely no information to come up with that title.
Here.. this is in layman’s terms and we’re not the only country being looked at.
http://fortune.com/2014/06/11/europe-launches-probe-into-apple-starbucks-tax-affairs/
‘Rotten to the core’.. a bit presumptuous I would have thought. There’s been no findings yet.
Could ye not leave more room for ambiguity when ye haven’t a bull’s notion bar the FT bit there?
How about –
The Core of the Matter?
Eh, let’s see.
How do you like them Apples?
An Apple a day won’t keep Merkel away?
Don’t upset Apple’s Cart?
Helen are you there? Put Anne in her place. you’re the only one fierce enough to take the job on.
I’m talkin’ ’bout the Midnight Poster
If this is the case, I’m looking forward to getting back the billions of euros they owe us…
Yeah I love the way it’ll be the EU that’ll be recovering the dodgy tax, not the Irish taxpayer who’s been subsidising the tax take of one of the biggest companies in the world.