Apple may have been all smiles after unveiling its latest series of products on Monday but new reports are speaking about a legal case whose verdict has not gone in the company’s favor.
The case stems from nearly a decade ago when Apple was questioned about tax benefits from Ireland that were illegal. Now, the company must pay a massive 13 billion Euros fine for back taxes.
The surprising decision did catch many people off guard, including Apple as the case was revisited in 2016. This is when the EC forced Ireland to recover the massive 13B Euros loss from Apple. As a result, the iPhone maker’s shares went down 1% shortly after that.
Another statement had the Irish government speaking about how Apple’s case featured a problem that is now considered history. The company’s position has always been linked to not giving preferential tax to any firms or taxpayers.
Meanwhile, the tech giant has rolled out its filing on the matter where it stated that it would incur the one-time tax charges which is $10B during the fourth quarter’s end which is September 28 of this year. Therefore, the government will start the process of asset transfer to Ireland’s escrow fund.
As mentioned by the Cupertino firm, the case was never related to how much taxes the company is paying but which government will be getting it. It also boldly declared how it has always paid all of its taxes, no matter where they are present and no unique deal is ever in place.
Apple also accused the EC of changing rules as Apple’s income is subject to taxes in America.
The case is not something new and in 2016, it forced Dublin to recover a huge amount of money in back taxes from the iPhone maker. It also spoke about how Apple got plenty of illegal tax benefits over 20 years.
Apple appealed this decision three years later and in the following year (2020), it received support from the General Court of the EU. Apple was declared of receiving no benefits from the Irish government on the subject. That led to the EC sending an appeal over the decision.
It’s quite clear from all of this that Apple is not a favorite for the EU. We’ve seen the company be slapped with a massive 1.8B Euros lawsuit for its abusive positions in today’s music streaming market.
Image: DIW-Aigen
Read next: Google Defends Its Dominance In The Ad Market With Misleading Claims About ‘Hundreds Of Competitors’
The case stems from nearly a decade ago when Apple was questioned about tax benefits from Ireland that were illegal. Now, the company must pay a massive 13 billion Euros fine for back taxes.
The surprising decision did catch many people off guard, including Apple as the case was revisited in 2016. This is when the EC forced Ireland to recover the massive 13B Euros loss from Apple. As a result, the iPhone maker’s shares went down 1% shortly after that.
Another statement had the Irish government speaking about how Apple’s case featured a problem that is now considered history. The company’s position has always been linked to not giving preferential tax to any firms or taxpayers.
Meanwhile, the tech giant has rolled out its filing on the matter where it stated that it would incur the one-time tax charges which is $10B during the fourth quarter’s end which is September 28 of this year. Therefore, the government will start the process of asset transfer to Ireland’s escrow fund.
As mentioned by the Cupertino firm, the case was never related to how much taxes the company is paying but which government will be getting it. It also boldly declared how it has always paid all of its taxes, no matter where they are present and no unique deal is ever in place.
Apple also accused the EC of changing rules as Apple’s income is subject to taxes in America.
The case is not something new and in 2016, it forced Dublin to recover a huge amount of money in back taxes from the iPhone maker. It also spoke about how Apple got plenty of illegal tax benefits over 20 years.
Apple appealed this decision three years later and in the following year (2020), it received support from the General Court of the EU. Apple was declared of receiving no benefits from the Irish government on the subject. That led to the EC sending an appeal over the decision.
It’s quite clear from all of this that Apple is not a favorite for the EU. We’ve seen the company be slapped with a massive 1.8B Euros lawsuit for its abusive positions in today’s music streaming market.
Read next: Google Defends Its Dominance In The Ad Market With Misleading Claims About ‘Hundreds Of Competitors’
