Ireland forced to collect Apple's disputed 13bn [Euro] tax bill

[sl8]

Source: BBC

Ireland is to comply with a European Commission order to collect a disputed €13bn tax bill from the US firm Apple.

The money is now being paid into a blocked "escrow" account, while Ireland appeals the Commission's decision.

The Commission ruled last year that Ireland had given Apple illegal state aid by allowing it to pay an effective 1% corporation tax.

...

The Irish government says it profoundly disagrees with the Commission's analysis of the case.

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Read more: http://www.bbc.com/news/business-42237312

[notdarkyet]

1. Apple can afford it. Weird how the richest corps and people go anywhere in the

World to put their money to avoid taxes.

[jmowreader]

4. You don't get rich by spending money you don't absolutely have to

[LeftInTX]

2. Good!!!!

I don't quite understand the technicality of the arrangement, but I know that Apple/Ireland connection was to avoid taxes.

[Kensan]

3. Corporate Inversion...

Apple was one of several companies that "moved" their residence to Ireland to essentially evade their U.S. tax burden. It is completely a move only on paper, similar to the PO Boxes used as "residences" in the Cayman Islands. The Fortune 500 companies use these tax havens to game the tax rules about sourcing their income. Ireland was one of several extremely low-tax jurisdictions that welcomed multinational companies with open arms. Obama took steps to close this loophole.

The current tax reform plan includes mandatory repatriation of offshore monies, although taxpayers will be given a special discounted tax rate for the next few years on the repatriated money. This mandatory repatriation does severely curtail the tax benefits of these types of pure tax structuring schemes.