- Title: EU court scraps EU order to Apple to pay $15 bln in Irish taxes
- Date: 15th July 2020
- Summary: BRUSSELS, BELGIUM (FILE - SEPTEMBER 10, 2019) (REUTERS) EXTERIOR OF EUROPEAN COMMISSION BUILDING
- Embargoed: 29th July 2020 09:47
- Keywords: Apple Apple Operations Cork European Commission European Union Ireland Margrethe Vestager Tim Cook competition taxes
- Location: CUPERTINO, CALIFORNIA, AND NEW YORK, NEW YORK UNITED STATES / LUXEMBOURG / BRUSSELS, BELGIUM / SHANGHAI, CHINA / CORK, IRELAND
- City: CUPERTINO, CALIFORNIA, AND NEW YORK, NEW YORK UNITED STATES / LUXEMBOURG / BRUSSELS, BELGIUM / SHANGHAI, CHINA / CORK, IRELAND
- Country: United Kingdom
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA003CMX74NB
- Aspect Ratio: 16:9
- Story Text: Europe's second-top court on Wednesday (July 15) rejected an EU order to iPhone maker Apple to pay 13 billion euros ($14.78 billion) in Irish back taxes.
"The General Court annuls the contested decision because the Commission did not succeed in showing to the requisite legal standard that there was an advantage for the purposes of Article 107(1) TFEU1," judges said, referring to EU competition rules.
The 2016 ruling and the record sum is part of the European Commission's crackdown on sweetheart tax deals between multinationals and some EU countries.
(Production: Ben Dangerfield)
- Copyright Holder: FILE REUTERS (CAN SELL)
- Usage Terms/Restrictions: None