Manufacturing, Tourism sector benefit from EU funding
The European Union through the European investment bank has given along term fund of up to 28 Euros approximately 96 billion shillings.The money will be lent to the manufacturing and tourism...
By: NBS TVUganda
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Manufacturing, Tourism sector benefit from EU funding - Video
BRUSSELS European Union regulators said Tuesday they believe that tax deals granted to Apple Inc. in Ireland constitute illegal state support for the U.S. company, in a letter to the Irish government that set out the reasoning behind the decision to open an in-depth investigation in June.
The European Commission, the 28-member blocs central antitrust authority, said it had reached the preliminary view that tax deals struck in Ireland in 1991 and 2007 in favor of the Apple AAPL, -0.64% group constitute state aid.
Through those rulings the Irish authorities confer an advantage on Apple that is granted in a selective manner, the commission wrote.
That advantage is obtained every year and ongoing, when the annual tax liability is agreed upon by the tax authorities in view of that ruling, the letter said.
The Commission has doubts about the compatibility of such state aid with the Internal market, it said.
An expanded version of this report appears on WSJ.com
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The Wall Street Journal: Apples Irish tax deal broke state-aid rules, says EU
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