Now that is a piece of news that would ruin Tim Cook’s morning. Here is a quick summary of this story: The European Union has ordered Apple to pay $14.5 billion in back taxes and penalties to the government of Ireland. Apple will fight it of course. But, strangely enough, so are the governments of Ireland and the US.
Ireland says the EU has no right to regulate Irish tax laws. American officials says the EU is overstepping its power since that taxes are typically left to national governments to oversee and that European officials should not retroactively issue penalties in past tax rulings.
Apple has about $270 Billion cash in Irish banks. Most of their overseas operations (and some US sales) are run by Apple’s Irish Division. The reason: US corporate tax rates are at 35% while the Irish tax rate is 12%. But with other tax breaks, the EU claims the Irish effective tax rate for Apple is .005%.
This decision is going to be appealed, of course, and the battle may go on for years. It is going to be interesting to watch this battle unfold. For more in-depth info on this story, read our first story. Our second story is also about Apple: The next big Apple event is next week where they will probably announce all new hardware…probably the iPhone 7, new Apple watches, and much more. So stay tuned. -JRC
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