Sunday, September 4, 2016

Brexit Makes Sense

Apple hit with record EU tax ruling

The European Commission stunned the tech community and U.S. lawmakers with a landmark tax ruling against Apple Inc. The EU ruled that the tech company and Ireland engaged in an illegal tax deal, and ordered Ireland to collect about $14.5 billion in back taxes from Apple.

The ruling outraged Apple Chief Executive Tim Cook, who denied any wrongdoing and called the decision politically motivated and "maddening." He promised to appeal the EU's decision, expressing confidence that it would be overturned. Cook also suggested that Apple could begin repatriating some of its $215 billion in overseas assets back to the United States as early as next year.

After several days of back-and-forth deliberations, the Irish cabinet announced its intent to appeal the ruling. Irish Finance Minister Michael Noonan had immediately recommended  an appeal, but it took several days of deliberations for the minority government to convince its parliamentary partners that turning down the tax was in Ireland's best economic interest.

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