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July 15, 2020 02:45 pm

Apple Wins Fight Over $14.9 Billion Tax Bill in Blow To EU

Apple won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestagerâ(TM)s crackdown on preferential fiscal deals for companies. From a report: The judgment by the EU's lower court on Wednesday vindicates Apple Chief Executive Officer Tim Cook's challenge against a decision he labeled as "political crap." While the EU General Court's ruling can still be appealed, judges delivered a stinging attack on the European Commission for failing to show "to the requisite legal standard" that Ireland's tax deal broke state-aid law by giving Apple an unfair advantage. "The commission's intent seemed to be a political one: to punish Apple for its overall tax planning, rather than to reach a result that accorded with the legal or economic position," Dan Neidle, a tax lawyer with Clifford Chance said in a statement. "The court has, quite rightly, followed the law and not any wider political objectives."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/iij3CcgcmGs/apple-wins-fight-over-149-billion-tax-bill-in-blow-to-eu

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