Apple’s cash pile heads for $250 billion milestone

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Apple raked in the cash last quarter.
Apple raked in the cash last quarter.
Photo: Jim Merithew/Cult of Mac

Apple’s second quarterly earnings report of 2017 will likely reveal the company now has over a quarter of a trillion dollars of cash stashed in the bank.

The iPhone-maker has so much cash its reserves exceed the foreign-currency reserves of the U.K. and Canada combined. During the last quarter of 2017, Apple’s money-making machine was earning $3.6 million per hour.

Apple: Europe doesn’t understand how we make money

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Tim Cook has always insisted that Apple is no tax dodger.
Photo: Ste Smith/Cult of Mac

Apple has filed a defense against its massive European Commission tax bill, arguing that it shouldn’t have to pay its $14 billion tax bill, and that the request should be either totally or partially annulled.

The argument, essentially, is a 14-point extension of Tim Cook’s previous assertion that existing tax codes are designed for an industrial, rather than a digital age.

Apple asserts that the European Commission misunderstands Apple’s business dealings, and says the reason it shouldn’t have to pay massive taxes in Ireland is because the actual profit-driving work Apple does is carried out elsewhere.

Apple is shifting its international iTunes business to Ireland

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Apple's headquarters in Cork, Ireland.
Apple's headquarters in Cork, Ireland.
Photo: Jan Zuppinger/Flickr CC

Tax guru thinks Apple’s bill from Europe could be overturned

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Apple's tax structure landed it with a massive bill last year.
Photo: Jim Merithew/Cult of Mac

Apple’s massive tax bill from the European Commission is tantamount to an ill-advised “land grab” and could be reversed in court, claims Feargal O’Rourke, the man who heads up the tax practice at PricewaterhouseCoopers in Ireland.

Speaking at the Irish Times corporation tax summit in Dublin, O’Rourke said he is confident the Commission’s decision will be overturned by the European Court of Justice.

Apple is hiking up App Store prices in the U.K.

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Mac App Store
Prepare to pay more for iOS and macOS apps.
Photo: Ste Smith/Cult of Mac

Apple: Massive EU tax bill is just about making headlines

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Apple's general counsel thinks the move against Apple is basically clickbait.
Photo: Jim Merithew/Cult of Mac

Apple has launched its legal challenge against the European Union’s demand of $14 billion in allegedly unpaid back taxes.

In a statement, Apple general counsel Bruce Sewell said Cupertino has been targeted because of its success, implying that European legislators picked on the company for largely symbolic reasons.

France slaps Apple with a massive fine for unpaid taxes

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Tim Cook may have to open his checkbook one more time.
Photo: Ste Smith/Cult of Mac

Apple has been hit with another massive fine in Europe, as French tax authorities recently issued the company with a 400 million euro ($422 million) bill, according to French newspaper L’Express.

As with a lot of Apple’s other tax issues, the complaint reportedly relates to Apple’s tax optimizing strategy of channelling profits through its Irish subsidiary.

Apple exec cuts deal to avoid jail in European tax probe

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Apple previously shelled out 318 million euros over its lack of corporate tax payments in Italy.
Photo: Ste Smith/Cult of Mac

An Apple executive has avoided jail as part of an Italian investigation into Apple’s failure to pay corporate tax in the country.

The executive in question, the head of Apple’s Irish-based Apple Sales International, was being investigated as part of the case. Apple agreed to pay 318 million euros last year to close the investigation, but the exec could still have been forced to spend six months in prison for his part in it.

EU governments meet to divvy up $14.5 billion Apple tax windfall

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Apple hasn't paid the money yet, but already it's being divvied up.
Photo: Jim Merithew/Cult of Mac

European Union finance ministers reportedly discussed how to divvy up the windfall from Apple’s 13 billion euros tax bill at a closed-door meeting in Slovakia over the weekend.

Some European governments were reportedly more keen on getting their hands on Apple’s money than others, with Germany’s Wolfgang Schäuble saying, “Of course we’re looking into it.”

Apple has ‘failed to grasp’ why people are upset about tax avoidance

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The president of the eurozone’s finance ministers says Apple just doesn't get it.
Photo: Ste Smith/Cult of Mac

Jeroen Dijsselbloem, president of the eurozone’s finance ministers, has accused Apple of “[failing] to grasp” the public outcry concerning tax avoidance by multinational corporations.

He was referring to last week’s landmark decision, which handed Apple an enormous tax bill of 13 billion euros ($14.52 billion), based on its supposed underpayment of taxes in the Republic of Ireland. Apple paid a reported 0.005 percent tax on its European profits in 2014.