2023-11-10 06:20:01
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Apple Inc. could potentially be on the hook for a substantial sum of approximately £10.7 billion in back taxes to Ireland. This comes after a 2020 court ruling was found to contain legal misjudgments. The European Court of Justice (ECJ) has directed the EU General Court to reassess its prior decision that initially found in favor of Apple.
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In a startling turn of events three years ago, Apple was acquitted of accusations of exploiting a legal loophole to bypass taxes estimated at $14 billion (now roughly equivalent to £10.7 billion) due in Ireland over the period from 2003 to 2014. A ruling that is now under intense scrutiny and subject to possible revision.
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Claims of Unfair Tax Advantages
Flashback to 2016, when the European Commission leveled allegations at Apple, claiming the tech company received unjust tax benefits, reducing its corporate tax rate to 1% as opposed to the standard 12.5% in Ireland—an action allegedly counter to EU fair competition policies. This sparked a legal battle culminating in the General Court revoking the Commission's mandate for retrospective tax payments.
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With a fresh ruling anticipated in the upcoming months, the ECJ has clarified that tax laws are not the focal point of their assessment. Ireland's finance minister, Michael McGrath, asserted in a public statement that no state aid was ever extended to Apple from the Irish government.
Despite the ongoing legal tango, a significant $14 billion payment by Apple was actually made, securing the funds in an escrow account pending the outcome of these proceedings. Both the Irish government and Apple now eagerly await the General Court's revised judgment, which will determine how—or if—the matter progresses further.
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