APPLE TO PAY $14.5 BILLION BACK TAXES TO IRELAND AFTER SETTING UP ITS ‘SO-CALLED’ HEADQUARTERS THERE WITH NO ‘EMPLOYEES OR PREMISES’ AND PAYING ONLY 0.0005% TAX OUT OF THEIR E.U. PROFITS…THEY MAKE iPHONE IN CHINA, PAY HARDLY ANY TAXES AND CHARGE CONSUMERS CRAZY PRICE

Posted on

Apple faces bill of billions over its Irish tax affairs after EU ruling

( DAILY MAIL )Apple has already threatened to cut jobs after Brussels ordered it to repay £11billion ($14.5billion) – the biggest tax bill ever imposed outside the US.

The European Commission’s three-year investigation into Apple’s sweetheart deal with Ireland has found it amounted to illegal state aid.

In a damning report published today it emerged the tech giant paid as little as 0.005 per cent tax by funnelling its non-US profits through a ‘so-called headquarters’ in Ireland with no staff or premises.

In 2011 Apple’s profits outside America were $22billion but Ireland agreed that only 50 million euros ($55million) was considered taxable.

The EU’s giant tax bill will not be difficult for the company to pay because it has amassed a huge $178 billion (£120bn) offshore cash fund and last year made $53.4billion (£35billion)  – the biggest profit in corporate history.

But Apple will appeal and the tech giant’s CEO Tim Cook, who previously called the probe ‘political c**p’, is threatening EU job losses if they don’t back down. The US Treasury has also warned the EU not to pursue American companies over tax avoidance.

READ MORE:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s