The EU is asking Apple to shell out tax money
Apple CEO Tim Cook is really unhappy with the EU ruling that asked the company to shell out $14.5 billion plus interest in back tax payments to Ireland. The company has been accused of benefitting after Ireland illegally slashed their tax bills from 2003-2014.
— European Commission (@EU_Commission) August 30, 2016
EU's competition commissioner Margether Vestager said that member states cannot have such deals with companies and Apple in 2003, paid an effective tax rate of 1% on its European profits that fell even further to 0.005% by 2014.
Cook said there needs to be a public discussion and the amount they are being asked to pay is very random.
"It’s total political crap. They just picked a number from I don’t know where. In the year that the commission says we paid that tax figure, we actually paid $400m. We believe that makes us the highest taxpayer in Ireland that year."
He said Apple would continue to expand in Europe, just a little warily though and is waiting for the Irish government to launch an appeal.
"I think we'll work very closely together, as we have the same motivation. No one did anything wrong here and we need to stand together. Ireland is being picked on and this is unacceptable."
Economistss say that this ruling will act as a warning for other countries trying to be tax havens for such corporations.
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Anugya is originally from New Delhi, India. She studied journalism at the CUNY Graduate School of Journalism in New York, graduating with a master's in international reporting. She plans to travel one day to all the places she reads about. She likes reading fiction, pop music, and going to the beach, but absolutely hates anyone mangling or shortening her name (which is quite common). She binge watches Korean dramas and anime series. She's a freelance writer and has produced content that has appeared in NBC, The Times of India, Time Out Delhi, and other publications.