BRUSSELS TO ANNOUNCE MEGA-PENALTY AGAINST APPLE OVER ILLEGAL IRISH TAX DEALS (STA BREAKING NEWS and ARCHIVES)

by STANews , Monday, September 29, 2014, 12:26

The European Commission in Brussels is preparing to accuse the world’s biggest company of getting special treatment from the Irish government in exchange for creating jobs. It could result in a record fine of several billion euro.

The iPhone maker could receive the record fine after paying a corporate tax rate of less than 2 percent between 1991 and 2007, an arrangement made after the company had operated without any taxes since it arrived in Ireland in 1980, the Financial Times (FT)reported. The FT said Apple has kept $137.7 billion in cash out of the reach of American tax authorities.

The EU is expected to publish a report on the Apple inquiry on Tuesday, according to Reuters.

Allegedly, the Silicon Valley company struck the deal with Irish authorities at the end of its tax-free era, which resulted in a 20 year period where it still received preferential treatment, whereas local Irish companies did not.

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http://rt.com/business/191428-eu-apple-tax-fine/