- On Tuesday, the EU urged Apple to pay a record €13 billion ($14.3 billion) in Irish back taxes. This indicates EU antitrust chief, Margrethe Vestager’s most high-profile campaign against sweetheart tax deals between multinationals and European Union states.
- The outcome of this case will determine whether member states will trade off international tax breaks for jobs and investments or not.
- In 2016, the European Commission deemed that two Irish tax rulings had artificially reduced Apple’s tax burden for more than two decades.
- The General Court previously stated that regulators did not reach the legal standard to verify that Apple had enjoyed an unfair advantage.
- Apple’s lawyer, Daniel Beard, stated that the company already built reserves to pay U.S. taxes and is paying almost €20 billion in tax in the U.S. on the same profits that the Commission claims should have been taxed by Ireland.
- As of April 1, Apple was in possession of $55.9 billion in cash and equivalents.
- Price Action: AAPL shares traded lower by 1.30% at $171.94 on the last check Tuesday.
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