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April 30, 2015

Apple Could Face Mammoth Bill in Back Taxes From Ireland

USA Money
Photo Credit: 401(K) 2012 via flickr

Apple could be facing a significant bill — as much as 10 years worth of back taxes to Ireland, a regulatory filing made by the company on Tuesday has revealed.

Apple, in its filing to the Securities and Exchange Commission, said it had no way to estimate the amount it could be forced to shell out. It all depends upon the European Commision.

The European Union’s agency opened an investigation last summer into Ireland’s actions for allegedly offering state aid to Apple. The Commission, in a letter, told the Irish government that it was offering the U.S. iPhone maker illegal state aid through tax arrangements that have “no scientific basis.” Rather, the provision helps the iPhone maker to avoid paying international tax on tens of billions of dollars in revenue, which breaks EU laws.

“The company believes the European Commission’s assertions are without merit,” Apple said in its filing, adding that if the agency rules against Ireland, the country would be required to recover “past taxes covering a period of up to 10 years reflective of the disallowed state aid.”

Apple said the amount could be “material,” but it is not currently able to “estimate the impact.”

Then European Competition Commissioner Joaquin Almunia, in the letter to Ireland, said his agency believes “the Irish authorities confer an advantage on Apple.”

According to EU competition law, if a government is found to have doled out state aid to a company without justification, it must then recover that money from the company.

Analysts have said the deals struck with Ireland has saved Apple billions of dollars in tax.

 


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Jennifer Cowan is the Managing Editor for SiteProNews.

One Response to “Apple Could Face Mammoth Bill in Back Taxes From Ireland

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