News Apple faces having to pay billions of euros in back taxes to Ireland

Discussion in 'The Howard Stern Show' started by dawg, Aug 30, 2016.

  1. dawg

    dawg In The Dog House Staff Member

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    Apple faces having to pay billions of euros in back taxes to Ireland if a probe by the European Commission declares the company’s tax arrangements with the Irish government are illegal.

    The final ruling is expected today and if the commission’s position is upheld, the record repayment sum is expected to spark one of the world’s largest tax battles along with an international dispute over the commission’s role and authority.

    Apple’s tax arrangements in Ireland are based on an agreement drawn up in 1991, when Apple was struggling against the PC boom, and another in 2007, which allowed the company to pay just four per cent tax on almost $200bn of profits over a 10 year period.

    According to EU law, such tax benefits for a selected company amount to illegal state aid.

    Apple and the Irish government are likely to appeal the ruling.

    Around 90 per cent of Apple’s foreign profits are earned by Irish subsidiaries, the Financial Times reports, and the company’s total $187bn in cash it holds in Ireland is the largest foreign cash pile held by any US multinational.

    The European Commission says the tax arrangements gave Apple an unfair advantage that distorted competition.

    No figure has yet been given as to how much money Apple may be forced to pay in back taxes, but EU competition commissioner Margrethe Vestager is expected to give an estimate on Tuesday.

    Analysts have provided a range of estimates. According to JPMorgan’s Rod Hall, a “worst-case scenario” could mean Apple may face a $19bn bill.

    Comparable Rulings
    A precedent for such repayments has already been set (albeit on a smaller scale) after the commission ordered the Netherlands to claw back €30m (£25.6m) from Starbucks last year, and Luxembourg was ordered to recover a similar sum from car manufacturer Fiat as the commission cracked down on so-called ‘sweetheart’ tax deals.

    In January, The commission ordered Belgium to recover about 700 million euros in what it called illegal tax breaks from at least 35 companies, including Anheuser-Busch InBev NV and BP Plc, according to Bloomberg.

    There are also ongoing investigations into Luxembourg’s tax arrangements with McDonalds and Amazon.com.

    US response

    The US government has strongly criticised the probes into American multinational firms by the EU.

    The US Treasury Department said the action by the European Commission along with the penalties it was issuing to firms were “deeply troubling”, and accused the commission of becoming a “supra-national tax authority”, the BBC reports.

    http://www.independent.co.uk/news/b...nalty-repayment-sweetheart-deal-a7215941.html
     
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  2. Beth143nacho

    Beth143nacho Well-Known Member VIP

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    Damn. 13 billion
     
  3. kingship

    kingship Well-Known Member

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    Countries "ordered" to take action by a commission. Freedom, motherfuckers, have you forgotten/ever had it?

    Ponderous.
     
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  4. VarmintSam

    VarmintSam Well-Known Member VIP Gold

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    They only paid 4% tax on $200B. A first year CPA who rode the short bus to school would tell you that wont fly.
     
  5. VarmintSam

    VarmintSam Well-Known Member VIP Gold

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    Europe is broke, they are on a witchhunt for deep pockets.
     
  6. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    "Hey, come to Ireland, create jobs here, and we'll give you a tax break on your first several years"
    [​IMG]

    Look for lay offs over time in Ireland. Nothing now, they want things to settle down in the public eye before they punish them.
     
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  7. unclefreddy

    unclefreddy Well-Known Member

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    What is Apple or any other big Conglomarate gonna do? Don't pay us, take your business somewhere else. These corps moved out of the US, now they want our protection against other tax lords.
     
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  8. Dirty South

    Dirty South Large Member

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    They found a solution for their broke governments: bring in millions of unskilled, angry Muslim men and pay them welfare to rape their native women.
     
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  9. VarmintSam

    VarmintSam Well-Known Member VIP Gold

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    Dont forget suppressed msm reporting, while officials who took oaths to protect their citizens are turning the other cheek. I feel for the politicians I hope the 30 pieces of silver was worth it. :cheer:
     
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  10. wigtropolis

    wigtropolis Well-Known Member

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    I haven't paid taxes on fish crackers
    Ever
     
  11. freds

    freds you broke it VIP

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    :woot:

    more taxes, better society.
     
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  12. CaptainFrank

    CaptainFrank Well-Known Member

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    This is exactly why a majority of the UK voted for brexit. Not so dumb now, are they?
     
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  13. HS Cult Leader

    HS Cult Leader Elite Member Gold

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    [​IMG]
     
  14. XuXu

    XuXu VIP Extreme Gold

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    Good. Fuck them for using underhanded tactics to get out of paying taxes here.
     
  15. R.P. McMurphy

    R.P. McMurphy Well-Known Member

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    ...hahahaha fuck you apple.
     
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  16. XuXu

    XuXu VIP Extreme Gold

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    Freedom to get out of paying their taxes? What about some freedom for the rest of us to not have to pick up their slack?
     
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  17. Rod-Stroker

    Rod-Stroker Streptococcus Gingivitis Halllllllllllllitosis

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    I heard apple turns over its entire product line in under a week,that's everything sold and restocked in under a week and that is worldwide and does it an astonishing 74 times a year.

    Fuck Apple and fuck Steve Jobs right in his cancer riddled neck
     
  18. Getoninja

    Getoninja Well-Known Member

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    just watch, Apple will find a loop hole.
     
  19. EndOfLine

    EndOfLine PLATINUM SPONSOR VIP

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    You think you're picking up Apple's slack? Apple, the number one taxpayer in the world?

    Seriously, you can't make this shit up.
     
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  20. EndOfLine

    EndOfLine PLATINUM SPONSOR VIP

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    Up next: Google, Microsoft, Cisco, GE, Oracle, Qualcomm, Pfizer, HP, IBM, Johnson & Johnson, Facebook, Eli Lilly, Starbucks, etc...

    All of them do the exact same thing, in the exact same place. It's all legal, but the EU needs money to fund their crashing experiment.

    I expect the US to retaliate in some fashion.
     
    Last edited: Aug 30, 2016