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Old 01-26-2016, 09:41 AM
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edward222 edward222 is offline
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Default Apple Steps Up Lobbying Efforts Against European Tax Probe

Credit to: Corruption News : Apple Steps Up Lobbying Efforts Against European Tax Probe

Quote:
Apple Inc. is pushing back against an European tax investigation that could force the iPhone maker to pay more than $8 billion in back taxes.

Chief Executive Officer Tim Cook met with the European Commission?s antitrust chief Margrethe Vestager in Brussels on Thursday to press the company?s case. After the meeting, Cook sent out a tweet highlighting figures showing that the company?s products support more than 1.4 million jobs across Europe. Meanwhile, government officials on both sides of the Atlantic have come to the company?s defense to lobby against a penalty.

Apple is being scrutinized by European officials, who accuse the company of using subsidiaries in Ireland to avoid paying taxes on revenue generated abroad. While Apple generates about 60 percent of its sales outside the U.S., its foreign tax rate is about 1.8 percent, according to Bloomberg Intelligence analyst Matt Larson.

?If the commission follows its own precedent? from recent cases ?and effectively requires Ireland to impose the statutory tax rate, Apple will be looking at around 10 percentage points of tax on substantially more than a hundred billion dollars of profit from a decade of sweetheart deals,? said Alex Cobham, director of research at the Tax Justice Network.

Kristin Huguet, a spokeswoman for Cupertino, California-based Apple, confirmed Thursday?s meeting between Cook and Vestager without commenting further.

your thoughts guys?
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