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Why U.S. taxpayers may pay most of the bill for Apple’s $14.5 billion tax judgment
This Washington Post article by Henry Farrell explains the implications of the 2016 EU ruling on Apple asking it to pay 13 billion euros in back taxes. Other countries in the European Union are upset that Ireland is taking away business and siphoning away tax revenues from their country, and giving most of it back to Apple. Normally the European Union Commission does not have authority over taxes in the member states. However considering the social and political implications at a time of deep recession and political upheaval in the EU and the U.S., the European Union Commission under Margarethe Vestager has seen it proper to look at arrangements in which companies come up with tax arrangements that deprive member states unfairly of tax revenues- revenues that could support social welfare and basic education, healthcare services at a time of painful cuts. A tax rate of .005% in 2013 for Apple is cited by Vestager as she points out that Apple's taxable profit does not correspond to economic reality, as most operations are conducted outside Ireland. Ireland is just on paper the tax location for EU operations. Vestager has thus come up with a legal approach based on Ireland's tax arrangements being a form of illegal state subsidy, which is not allowed under EU rules, and gives the EU Commission authority to require that it be reversed by paying the back taxes of 13 billion euros. Farrell answers the question why the U.S. Treasury is saying that Apple should not have to pay these taxes, as the U.S. also hopes to get some of these taxes at some future date with Apple repatriating profits to the U.S. under a still to be set tax arrangement.
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Grouped Articles
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Vestager took the EU investigation into Google to the next level by filing formal charges against Google for anti-competitive practices in the EU. As former economy minister and deputy prime minister Margarethe is one of the prominent politicians in Denmark, bringing a forthright attitude and candour to issues facing the EU, including taxation and creating a level playing field for new companies. She graduated in economics from the University of Copenhagen, and leads the Social Liberal Party, which rules Denmark in a coalition government. One of her hobbies is knitting elephants.
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Grouped Articles
Wall Street Journal 05/22/2013
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Portugal Needs the Luck of the Irish
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Ireland becomes a test for E.U. crisis remedy - The Washington Post
Washington Post 03/01/2012
Margarethe Vestager and the EU charges of anti-competitive practices against Google
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New York Times 04/15/2015
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