Apple Inc. (NASDAQ:AAPL) is under investigation by the European Commission on a case that accuses the company of evading as much as $9 billion a year in taxes. The law enforcement institution is neither looking to spur problems nor put its hands on the enormous amounts of cash in American companies. This concerns the possibility that Ireland gave the company special treatment in exchange for job creation or boosts in national production, according to CNBC.
“[…] if Ireland gave a special comfort letter or a special inducement to Apple as compared to other competitors that would be viewed as an unfair advantage that Apple was given. So, this is not just about the servers being in Ireland or the 4,000 employees there and then actually selling in another country,” stated Jon Steinberg, Daily Mail North America CEO.
Apple Inc. (NASDAQ:AAPL)’s price is close to $100, but it’s down by 1% during the day and the news must have affected it. It seems an unlucky situation as this case seeks to retroactively punish about 35 years of tax payments through a law that appeared in 2010 and is not fully enforced in Ireland. The company denies any form of scheming for tax evasion.
“What I’m hearing on Apple’s side is that they’re pragmatic about this. They realize that there’s a lot of cash out there and a lot of governments are trying to figure out how to get their hands on it, and it’s more a question of who figures it out first. And, of course, Apple has its own position how it has paid the fair amount of taxes under EU law,” said Jon Fortt.
Apple Inc. (NASDAQ:AAPL) doesn’t get to rest with these news bursting every couple of days, hopefully the company will continue to manage them easily. The latest Bendgate issue has been busted as concrete tests on pressure have been performed and Apple Inc. (NASDAQ:AAPL)’s devices, although fine and delicate, have done better than the average.
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