1. US warns EU ahead of Apple tax evasion ruling

US warns EU ahead of Apple tax evasion ruling

As Brussels is slated to deliver a verdict next month on Apple and other US companies for evading billions of pounds in taxes, the US Treasury Department has warned the European Commission (EU) about taking such action.

By: | Washington | Published: August 25, 2016 10:42 AM
The EU is investigating whether Apple's tax deals with Ireland running into as much as  billion for alleged unpaid taxes. (Reuters) The EU is investigating whether Apple’s tax deals with Ireland running into as much as billion for alleged unpaid taxes. (Reuters)

As Brussels is slated to deliver a verdict next month on Apple and other US companies for evading billions of pounds in taxes, the US Treasury Department has warned the European Commission (EU) about taking such action.

In a white paper commissioned by US Treasury secretary Jack Lew, the Obama administration warned that Brussels was overstepping its powers and becoming a “supranational tax authority”, The Guardian reported on Thursday.

The EU is investigating whether Apple’s tax deals with Ireland running into as much as $19 billion for alleged unpaid taxes.

The EU is also probing Amazon and Starbucks over allegations of tax avoidance.

“The investigations have global implications as well for the international tax system and the G20’s agenda to combat (tax avoidance) while improving tax certainty to fuel growth and investment,” Robert Stack, a Treasury Department deputy, wrote in a blog post.

According to the white paper, the EU investigations could “create an unfortunate international tax policy precedent”.

  1. V
    Venanzio
    Aug 25, 2016 at 9:05 am
    The US government defends corporations that pay taxes NOWHERE--Apple in particular hold 60bn 'offs' to avoid tax on earnings (were they deposited 'on-s'--which is electronically across the road from off-s in the same global banks) and all the bridges are falling down as thousands of billions of avoided tax and offsd profits increase the wealth of those companies such as Facebook, Apple, Starbuck who express no obligation to the commonweal that allowed them to establish themselves, to grow and to thrive. Shame on you!
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