Listeners:
Top listeners:
-
play_arrow
Apple Forced To Pay $14 Billion Tax To EU
by Stefan J. Bos, Chief International Correspondent Worthy News
BRUSSELS (Worthy News) –
The case stems from 2016 when the European Union’s executive European Commission ordered Ireland to recover the missing billions.
The European Court of Justice’s decision resulted from some ten years of legal wrangling. It came hours after the company unveiled new products to revitalize its iPhone, Apple Watch, and AirPod lineups.
The news also renewed questions about Berkshire Hathaway, the firm of U.S. top investor Warren Buffett, which sold half of its Apple shares in the second quarter for a total of $76 billion.
Data showed that as Apple stock went up in the second quarter, the portfolio value of Berkshire Hathaway’s stake went from $135 billion to $84 billion.
While some shrugged off those moves, saying Apple remains an important part of Buffet’s portfolio, critics wondered whether the legendary investor knew bad news was coming for Apple.
COMPETITION DIRECTORATE
Tuesday’s ECJ move also revitalized debates about the EU’s perceived strict and complicated rules for companies seeking to expand their economic clout.
In 2016, the European Union’s competition directorate decided that Ireland had granted Apple a sweetheart tax deal that enabled it to pay a corporate tax rate as low as 0.05 percent on its European profits.
Like most Big Tech firms, Apple’s EU base is in Ireland, which offers comparatively generous tax terms and light-touch regulation.
The European Commission found that Dublin had given Apple an even sweeter tax deal than usual to preserve thousands of jobs in the country.
The Commission argued that Apple’s special treatment amounted to “illegal, market-distorting” state aid that needed to be paid back. Four years later, Apple’s appeal to the EU’s General Court, which handles appeals of Commission decisions, proved successful.
The Commission’s ruling was overturned, with the General Court finding that it hadn’t proven Ireland gave Apple a particular advantage over its peers after Apple CEO Tim Cook called it “total political crap.”
However, the European Commission then appealed to the Court of Justice of the EU, the bloc’s highest court.
OVERTURNING RULING
The ECJ agreed with antitrust commissioner Margrethe Vestager that Apple must pay 13 billion euros and that Ireland must collect it.
The ECJ also upheld the 2.4 billion euro ($2.7 billion) fine that her department levied on U.S. tech giant Google in 2017.
The court agreed that Google had been favoring its comparison shopping service in its regular search results by downranking rivals when the user searched for clothes or washing machines.
“Today is a big win for European citizens and for tax justice,” Vestager said.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Newly declassified COVID-19 documents released by Director of National Intelligence Tulsi Gabbard have revived questions about U.S.-funded coronavirus research in China, Dr. Anthony Fauci’s testimony before Congress, and whether federal officials misled the American people about the origins of the pandemic.
Israeli Prime Minister Benjamin Netanyahu said Sunday night that the joint U.S.-Israeli campaign against Iran has created the conditions for the Islamic Republic’s eventual collapse, declaring that Tehran’s nuclear infrastructure, military leadership, missile program, navy, and terror network have been severely degraded.
Hungarian Prime Minister Péter Magyar said Sunday that his government will submit a constitutional amendment Monday aimed at removing several senior officials appointed during predecessor Viktor Orbán’s 16 consecutive years in power, escalating a confrontation with remaining Orbán-era officeholders, including the nation’s president.
British Prime Minister Keir Starmer said Monday that he will resign following election setbacks and growing pressure within his Labour Party over his leadership.
President Donald Trump on Sunday threatened Iran with renewed military strikes if Tehran fails to restrain Hezbollah in Lebanon or keep the Strait of Hormuz open, even as Vice President J.D. Vance opened high-stakes talks with Iranian officials in Switzerland.
Israeli Prime Minister Benjamin Netanyahu said Sunday that Israel will maintain its security zone in southern Lebanon for as long as necessary, even as U.S.-Iran talks opened in Switzerland and appeared to stall after fresh threats from President Donald Trump.
Ukrainian President Volodymyr Zelenskyy has warned his nation that Russian forces may be preparing a major new offensive and urged Ukrainians to remain vigilant as fresh attacks across the country killed at least seven people, including civilians living near the front lines.
WHO WE ARE
The Psalms, hymns, and spiritual songs encapsulate the beauty, wisdom, and eternal truths found in the Bible, creating an immersive experience that resonates with believers and seekers alike.
CONTACT
- +1 908 280-4246
- Essex County, USA
- info@tnjrfm.com