Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

European Court Strikes Down Order For Apple To Repay $16BN In “Illegal” Tax Benefits

Courtesy of ZeroHedge View original post here.

As Margrethe Vestager ramps up another round of anti-trust actions against the biggest American tech behemoths, a European judge has just dealt her a major setback while simultaneously robbing Ireland of tens of billions of euros in corporate tax revenue.

According to the FT, EU judges have quashed a European Commission order demanding that Apple pay back €14.3 billion ($16.4 billion) in taxes to Ireland in a landmark ruling that deals a big blow to competition commissioner Margrethe Vestager’s efforts to crack down on low-tax regimes in the bloc.

In what was a heavily covered decision back in 2016 when it was first handed down, Vestager ruled in 2016 that Ireland must claim back €13 billion ($14.8 billion) in "illegal" tax incentives.

On Wednesday, the EU’s second highest court ruled that Vestager failed in “showing to the requisite legal standard” that Apple received a material economic advantage from the tax arrangement.

Rather than being a "sweetheart deal", Apple simply benefited from the laws as they were written, as the company argued back in 2016.

"The General Court considers that the commission did not prove, in its alternative line of reasoning, that the contested tax rulings were the result of discretion exercised by the Irish tax authorities."

The EU Commission had alleged that Ireland gave Apple a "preferential" deal that wasn't available to competitors which allowed the tech giant to pay less than 1% in corporate taxes.

The EU now has two months and 10 days to appeal, but the commission is likely to appeal and the case will be heard by the European Court of Justice, which will issue a final ruling on the case.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!