Apple could owe $8 billion for its overseas cash pile

By

money
Nothing like that post-Christmas bill, eh?
Photo: Universal Pictures

Apple could find itself on the receiving end of a hefty $8 billion bill for back taxes as a result of the current European Commission investigation into its tax policies, according to a new report from Bloomberg Intelligence.

If the Commission decides to enforce a tougher accounting standard on Apple, the company may owe taxes at a 12.5 percent rate on the roughly $64.1 billion in profit it generated from 2004 to 2012.

EU tax probe could fine Apple 10% of earnings since 2003

By

applemoney

Preliminary findings by the European Commission have slammed Apple and Ireland for a so-called “sweetheart” tax deal which allowed Apple to avoid paying taxes by building up a massive offshore cash pile of $137.7bn in the country.

The deal dates back to 1991, and allowed Ireland to provide Apple with illegal state aid. Apple has had a base in the country since 1980.

In a statement, the European Commission said that “the Irish authorities confer an advantage on Apple,” and that this “advantage is obtained every year and ongoing.”

Europe says yes to Apple’s $3 billion acquisition of Beats

By

Apple's home to some pretty big players these days.
Apple's home to some pretty big players these days.

The European Commission today gave its approval to Apple’s $3 billion takeover of Beats Electronics and Beats Music. The regulator concluded that the two companies are not close competitors, and that the headphones they sell are “markedly different in function and design.”