Courtesy of Mish.
On Tuesday, the EU ruled Ireland granted illegal favoritism to Apple and hit the company with a record €13 Billion ($14.5 Billion) penalty.
The charges stem from Ireland’s low tax rate of 12.5% that angers Brussels because it gives Ireland an advantage in attracting business. Adding to the mix, Apple actually paid an effective rate of 1%. Complaints came in from both sides of the Atlantic.
Curiously, the Irish government does not want the penalty, and there was an outburst of anger from the US Congress as well.
Apple Response
Image from CNN Money article EU hits Apple with $14.6 billion tax bill.
The decision amounted to “a transfer of revenue from U.S. taxpayers to the EU,” White House press secretary Josh Earnest said. The Obama administration would fight for “American taxpayers and American businesses overseas when they’re being treated unfairly,” he added
“Apple had helped create and sustain more than 1.5 million jobs across Europe, follows the law and pays all the taxes it owes,” said Apple CEO Tim Cook.
