• News
  • Finance

Tim Cook: Apple tax ruling 'political,' 'maddening'

Tim Cook: Apple tax ruling 'political,' 'maddening'

Apple will have to pay up to 13 billion euros ($14.5 billion) plus interest in back taxes to Ireland after the European Union found Tuesday August 30, 2016 that the US technology giant had paid next to no tax at all across the bloc's 28 countries for over 11 years.

"When you're accused of doing something that is so foreign to your values, it brings out an outrage in you, and that's how we feel".

Facing a back tax bill of 13 billion euros ($14.5 billion) from the EU executive, Cook rejected an accusation by EU Competition Commissioner Margrethe Vestager that Apple had paid just 0.005 percent tax in Ireland in 2014.

"It's a false number, I have no idea where the number came from", he said.

The Apple boss insisted the numbers had been set out in the company's quarterly accounts and that Apple paid $400m (£300m) corporation tax in Ireland in 2014, the same amount in similarly classed tax in the U.S., and set aside billions more for tax bills in America that year.

Following an in-depth state aid investigation launched in June 2014, the European Commission concluded that two tax rulings issued by Ireland to Apple have substantially and artificially lowered the tax paid by Apple in Ireland since 1991. She said Apple's sweetheart tax deal with Ireland constituted illegal state aid.

Cook, however, was confident that the Irish government will appeal against the European Union ruling.

The tech boss called on Irish government ministers to "do the right thing" when they meet Friday and approve an appeal against the ruling.

Martin Truex Jr. holds off Kevin Harvick to win Southern 500
The difference? The team would point to the switch from Chevrolet to Toyota, where he has a tight alliance with Joe Gibbs Racing. He gave up the lead to pit on lap 163, but by the time the cycle of green-flag stops completed on lap 165, he was back up front.

Asteroid Bennu getting first visitor in billions of years
According to ancient mythology, Bennu was the manifestation of the god Osiris on Earth, taking the form of a heron-a slender bird. When Puzio heard about the naming contest, he was reading a series of mythological fiction books by the author Rick Riordan .

Olympics: Rio 2016: There you go, I am the greatest, says Bolt
That makes them the first country to win back-to-back-to-back Olympic titles in the event since the USA won in 1968, '72 and '76. Friday's triumph was potentially the most awkward, with Bolt's gold medal hopes reliant on the performances of his team-mates.

The Government still has not decided if it will appeal the Apple ruling. The Commission said the agreement had no basis in tax law and was not available to others.

"Some will claim that such a ludicrously low tax rate is "pro-business".

"No one did anything wrong here and we need to stand together".

The case may take as much as five years before it is completely settled, Dublin law firm McCann FitzGerald said in a report.

Even with the current climate, Cook and Apple have no plan on leaving the country they've been in for 37 years.

Cook told Irish broadcaster RTE that Apple had not received preferential tax breaks in Ireland.

Michael O'Leary said if the government wants to make its own tax deals it should be allowed to: "The Irish Government should do likewise, instead of holding cabinet meetings. It's not true that we paid just $400m or even just $800m [to Ireland and the United States combined] - the number is materially larger".

Leave Your Comment

Leave Your Comment


Latest News

  • Nintendo Shuts Down Fan-Made Game; Meets Its Replacement

    Nintendo Shuts Down Fan-Made Game; Meets Its Replacement

    Nintendo recently learned that content available at https://asmb.itch.io/no-marios-sky infringes copyrights owned by Nintendo. Unfortunately, No Mario's Sky was hit with a DMCA notice from Nintendo.
    North Korea may have kidnapped missing American student in 2004, website reports

    North Korea may have kidnapped missing American student in 2004, website reports

    On Wednesday, Yahoo News Japan reported that Mr Sneddon had been spotted in North Korea, where he is believed to live. North Korean dictator Kim Jong-un has had a senior official executed because he did not sit properly in a meeting.
    Patrick Vieira Slams Former Boss Arsene Wenger

    Patrick Vieira Slams Former Boss Arsene Wenger

    Responding to a question referencing the disgruntled away support he added; "Fans are hugely influenced by the media". We have no limit in age", said Wenger when asked if he would sign a centre-back.
  • Nebraska lines up with 10 players to honor Sam Foltz

    Nebraska lines up with 10 players to honor Sam Foltz

    The Huskers were flagged for delay of game on the play, but, in a classy move, Fresno State declined the penalty. The Huskers didn't have too much trouble with Fresno State , picking up an impressive 43-10 win.

    Sex-offender swimmer Brock Turner granted early release

    But Dan Newman, a spokesman for the campaign in favor of the ballot measure, called the list "merely a starting point". In the wake of outrage and the recall effort, Persky last month asked to be assigned to the court's civil division.

    Flood volunteer bus hits fire truck; 2 dead, dozens hurt

    The other victim, 21-year-old Jermaine Starr, was a rear seat passenger in the Camry and was pronounced dead at the scene. The 2002 Eldorado National bus, which was speeding, closed in on the crash scene and clipped the fire truck, police said.
  • FBI publishes notes on Clinton's use of private email

    Former US president Bill Clinton has compared himself and his charity The Clinton Foundation to Robin Hood without the stealing. Lugar and other senators urged the foundation to ban all foreign donations, but the Clintons decided not to go that far.
    Gatland confirmed to coach 2017 Lions in his NZ homeland

    Gatland confirmed to coach 2017 Lions in his NZ homeland

    Gatland was an assistant coach in 2009, when they were beaten 2-1 in South Africa, before becoming head coach four years ago. This will be the 12th Lions tour of New Zealand , where they have won only one series, in 1971.

    Trump Camp: Negotiating Wall Payment Now Would've Been 'Inappropriate'

    On Wednesday, he seemed to close that door by saying all undocumented immigrants must return to their home countries. Speaking of the nation's early immigrant history, he said: 'There were "No Irish Need Apply" signs.
  • 'Bachelor in Paradise' Star Grant Is 'Very Excited' About His 'Grace' Tattoo

    'Bachelor in Paradise' Star Grant Is 'Very Excited' About His 'Grace' Tattoo

    But did he leave a working relationship in order to seize this opportunity?! Heartbroken, Izzy decides to leave Paradise . Whether it be a spin-off or he becomes the new Neil Lane, we need to know more about this odd and exotic creature.
    Pune: State records two per cent jump in SSC supplementary exams passouts

    Pune: State records two per cent jump in SSC supplementary exams passouts

    The board had to provide many programmes to the students and had been conducting several exams for the same as well. Hence, the board has conducted the Supplementary Exams to the students in July 2016 at various centers.

    Ithaca College student fatally stabbed during Cornell fight

    A college student from Brooklyn was stabbed to death early Sunday in upstate Ithaca, according to police and reports. The second victim was treated for non-life-threatening injuries at a regional trauma center.
  • LG Unveils the First Phone To Ship with Google's New Android

    LG Unveils the First Phone To Ship with Google's New Android

    The backside is removable, which gives you access to the removable battery as well as to the SIM cards and storage card slots. LG V20 has a 5 MP shooter on the front which says goodbye to the dual camera setup on the front as seen on the LG V10 .
    Centre raises minimum wage, but unions stand by Sept 2 strike call

    Centre raises minimum wage, but unions stand by Sept 2 strike call

    Bank, government offices, factories, insurance companies, telecom companies and power plants will be closed on Bharat Bandh. The Karnataka Union of School and LMV Drivers Association has also said that it will support the strike.
    West Ham sign Arbeloa on one-year deal

    West Ham sign Arbeloa on one-year deal

    He began his career in the Real Madrid academy but made the grade at Liverpool after a successful season at Deportivo La Coruna. The full-back makes the move to the London Stadium having been released by Real Madrid at the end of the season.
  • China vows to beat Iran at home in World Cup qualifier

    China vows to beat Iran at home in World Cup qualifier

    Iran's national football team has played out a goalless draw against China in their 2018 World Cup qualifying match . In Bangkok, Japan bounced back from its opening loss at home to the United Arab Emirates by beating Thailand 2-1.
    Kyle Larson holds off Chase Elliott for first Sprint Cup victory

    Kyle Larson holds off Chase Elliott for first Sprint Cup victory

    However, he brought the celebration back when he won his first Nationwide Series race (now called the Xfinity Series ) in 2014. Through his first two full seasons in the Cup Series, the touted 24-year-old had finished 17th and 19th in the Cup standings.

    White House: Last of 10k Syrian refugees will arrive this week

    The initiative got off to a slow start previous year , initially raising questions about whether the target could be met. Weise told the weekly that his agency is planning for between 250,000 and 300,000 arrivals this year.

Breaking News



Recommended

China blames US media for playing up Obama red carpet snub

Obama learned about the insult as he emerged from the Group of 20 summit in Hangzhou, China. "It would be a departure from regular diplomatic practice if the United States was in charge of the entire security arrangements for its president in the visiting country", Shi explained.

Intel announces plans to acquire Movidius

Nvidia, which dominates the market for deep-learning-focused chips, is bound to give all comers a run for their money. Intel will acquire computer vision startup Movidius , as part of its RealSens vision and strategy.

Stalin urges TN govt to move SC on Siruvani issue

He said, "Tamil Nadu is asking for 50 tm-ft that was to supposed be released in a normal year". She said the Committee made this recommendation without seeking any comment from Tamil Nadu.

Sony's new flagship Android phones still don't have fingerprint sensors

It's powered by Qualcomm Snapdragon 650, 64-bit processor , 3GB RAM and 32 GB eMMC, and it offers a microSD card slot. It will also be available in Sony's color of the season-blue-but in a more icy hue than the forest blue of the XZ.

Philadelphia Will Be Announced As Host Of The 2017 NFL Draft

The 2017 draft will mark the first time since December 1960 that the draft has been held in the City of Brotherly Love. It was reported back in late April that Philadelphia was a leading candidate to host the upcoming draft .

York and District TUC backs Jeremy Corbyn in Labour leadership battle

The Labour Party has not commented as they do not discuss NEC (National executive committee) decisions about single members. Mr Smith also said, unlike Mr Corbyn, he would resign as leader if he received a vote of no confidence from party MPs.

ECONOMIC CRISIS: Nigeria's GDP Contracted 2.06 pct in Q2

Reacting to a spike in inflation and growing discontentment, Buhari's government finally devalued the naira in June. But that decision has reduced the flow of raw materials to the country's manufacturers.

Donald Trump: 'I'm not flip-flopping' on immigration

But Robin Luich, 52, a stay-at-home mother from Medina, Ohio, said those who've broken the law should be permanently barred. Who knows? Just assume that, whatever you've heard to the contrary, he privately agrees with your position on the issue.

1 dead, 4 hurt in highway shootout; bullet holes cover SUV

In a statement to Action News, Wawa officials say the shooting did not take place inside their store or in the parking lot. Authorities stressed that the investigation was in its "early phase" and said more serious charges could be filed.

Oil rises as dollar retreats from two-week high

The increase in drilling rigs is resulting in an increase in oil production, which is finding its way into storage. The rise was also triggered by speculation that producers' meeting in Algeria next month will support the prices.