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
( 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.