EU Court To Decide Today If Apple Owes $15B In Irish Back Taxes


2020/07/14 21:47  Benzinga Staff Writer

European Union competition regulators are expected to give a ruling Wednesday on whether Apple Inc (NASDAQ: AAPL) needs to pay $15 billion in Irish back taxes as part of the bloc’s crusade against sweetheart tax deals. What Happened

The European Commission had determined four years ago that Apple benefited from illegal state assistance under the guise of two Irish tax rulings that brought down its tax burden for 20 years to as low as 0.005% in 2014, Reuters reported.

A legal defeat for EU’s competition authorities could affect pending cases against companies such as Ikea and Nike Inc (NYSE: NKE), which have tax deals with the Netherlands, and Huhtamaki, a Finnish food packaging company, which has one with Luxembourg. Why It Matters

The EU Competition Commissioner Margrethe Vestager made tax compliance a focal area of her tenure, but oversaw a defeat against Starbucks Corporation (NASDAQ: SBUX) in court last year as her demand for over $34 million in Dutch back taxes was rejected by the same court, Reuters reported.

The case is also important for Ireland, which is a co-litigant alongside Apple.

The government of Ireland is seeking to protect its status as a low tax regime, which has attracted lucrative foreign investment in technology, finance, and pharmaceutical industries.

Apple is likely to be able to weather an adverse decision by the court, with cash reserves exceeding $190 billion at the end of the current fiscal year’s second quarter.

The defeated parties can appeal Wednesday's ruling at the block's highest judicial authority, the EU Court of Justice. Price Action

On Tuesday, Apple shares traded 0.74% higher at $391.12 in the after-hours session after closing the regular session 1.65% higher at $388.23.



欧盟竞争主管部门的法律失败可能会影响到针对宜家(Ikea)和耐克(Nike Inc)(纽约证券交易所代码:NKE)等公司的悬而未决的案件,这两家公司与荷兰有税收协议,而芬兰食品包装公司Huhtamaki与卢森堡有税收协议。为什么重要

据路透社报道,欧盟竞争事务专员玛格丽特·维斯特格(Margrethe Vestager)将税收合规作为其任期内的一个重点领域,但去年在法庭上输给了星巴克公司(NASDAQ:SBUX),因为她提出的超过3400万美元的荷兰补缴税款要求被同一法院驳回。




被击败的各方可以向该区块的最高司法机构-欧盟法院(European Court Of Justice)上诉周三的裁决。价格操作



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