The European Union's competition watchdog said Tuesday Ireland appears to be granting Apple illegal tax rebates that may have to be recovered. If the EU's finding is confirmed over the next few months, Apple could face a repayment bill worth billions of dollars. The company funnels the bulk of its international sales through subsidiaries in Ireland, where it benefits from low and negotiated tax deals. Apple says, 'We're subject to the same tax laws as the countless other companies who do business in Ireland.' The company also mentioned its tax payments to Ireland increased tenfold since it launched its first iPhone in 2007. Apple's tax practices have also been scrutinized in the United States. Last year a Senate Committee published a report estimating the firm avoided at least $3.5 billion in U.S. federal taxes in 2011 and $9 billion in 2012 by using its tax strategy. According to the latest quarterly report in June, Apple sat on roughly $164 billion in cash and cash equivalents, with $138 billion stashed away in foreign subsidiaries. The company estimated its effective U.S. tax rate is 26.1%, as opposed to the statutory U.S. rate of 35%, primarily because of undistributed foreign earnings.
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European Union Says Ireland Grants Apple Illegal Tax Benefits
Published September 30, 2014
BRUSSELS European Union ambassadors have decided to keep Ukraine-related sanctions against Russia in place for the time being.
EU foreign affairs spokeswoman Maja Kocijancic said ambassadors from the 28 EU countries agreed Tuesday that although there has been encouraging progress in bringing about an end to the conflict in eastern Ukraine, not enough has been done to justify rolling back sanctions.
Kiev and the West have asserted that Moscow is fueling the separatist insurgency in eastern Ukraine by providing arms and personnel, something Russia denies.
The EU sanctions target sectors of the Russian economy, Russian and pro-Russian Ukrainian officials, businesses and organizations.
Kocijancic said the EU will continue to monitor the situation and could propose to amend, suspend or repeal some or all of the sanctions, depending on developments.
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European Union keeps Ukraine-related sanctions against Russia in place for now
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