Apple could face billions in European back taxes

However, Sinn Féin's Finance Spokesperson Pearse Doherty said the Government should rule out an appeal if the EU Commission rules that Ireland provided illegal state aid to Apple.

The European Commission has ruled the Apple received illegal state aid from Ireland and will owe billions of euro in back taxes to Dublin, reports the Financial Times.

It is reported now that the European Commission will issue its findings against Ireland tomorrow, accusing it of so-called "sweetheart" deals with the tax giant. US lawmakers have threatened to invoke an obscure section of the tax code that allows retaliatory double taxation.

Zika Is Making Major Inroads Into Asia Via Singapore
The Singapore Health Ministry said that the city-state has got its first Zika patient who was locally infected by the virus. In a statement , the country's health ministry said it can't rule out the possibility of "further community transmission".

Apple CE Tim Cook pressed the company's case at a private meeting with Vestager in January.

But the investigation into Apple and similar probes into other U.S. firms have been criticised by USA authorities. "By a year ago Apple Inc held $200 billion in cash, with nearly 90 per cent of this - $181 billion - being held offshore to avoid paying tax". "It's farcical. These parties need to get real about the Irish government's cosy relationship with Apple and its role in facilitating industrial-scale tax avoidance". "They're arguing about who they should be paid to". Using structures based in countries including Ireland and Luxembourg, the companies reap billions in revenue but have little left in taxable profit.

Apple generated $41.73 billion in operating income outside the Americas in the nine months ended June 27, and much of that income likely moved through Ireland.

Jutanugarn falters late, has 2-shot lead in Canada
She bogeyed the par-5 18th for a 68 in the completion of the delayed first round, then made eight birdies in her bogey-free second round.

US tax laws allow companies to delay paying taxes on foreign income until they return earnings to the U.S.

"We have been reassured so far that they have, so that remains our position and we will read the report very carefully and the Irish Government response", he added. Last week the US Treasury accused the European Commission of acting beyond its powers in its investigations of the tax affairs of US multinationals and in particular objected to the idea of tax being collected retrospectively.

Israelis and Palestinians oppose bilateral peace plan
There are now 7,000 Palestinians being held at Israeli jails and detention facilities, seven lawmakers being among them. The results of the joint poll may provide some small signs of encouragement when peace prospects appear bleak.

Related news