Apple could get an early indication about the likely outcome of its giant European Union (EU) tax case early this week.
Apple was in court last week protesting its 13 billion ($14.4 billion) tax bill from the EU. Although the case is likely to drag on for months, two related cases will be ruled on this week. They may offer Apple some clues about its chances of success.
Apple has a fight on its hands this week as it goes to court to battle the world’s biggest tax case. The company will protest its 2016 European Union tax bill of 13 billion euros ($14.4 billion).
The EU charged Apple the money after saying it had an unfair tax arrangement with Ireland. Apple has always protested its innocence. This week, a court will start the process of deciding whether the regulators were right.
President Donald Trump is stepping up to defend Apple. Well, kind of.
The president ordered an investigation into France’s planned tax on big tech companies like Apple, Alphabet, Facebook and Amazon. The Office of the United States Trade Representative said the tax “unfairly targets” American companies.
Update 1:France passed the tax Thursday, according to Agence France-Presse: “The legislation — dubbed the GAFA tax in an acronym for Google, Apple, Facebook and Amazon — was passed by a simple show of hands in the Senate upper house after it was agreed by the National Assembly lower chamber earlier this month.”
The United States should follow the European Union’s lead and investigate Silicon Valley tech giants monopoly-like powers, President Donald Trump says.
Speaking with CNBC, Trump said “something’s going on” when it comes to the concentrated power of today’s tech titans. By fining these companies, he says that the EU gets “all this money — we should be doing that [too.]”
Germany’s finance minister Olaf Scholz has slammed tech giants that “pay taxes nowhere.”
It’s the latest shot at tech giants such as Apple, Google, Facebook and Amazon which have previously clashed with the European Union on tax issues. In an interview with CNBC, Scholz argued that “we should find a global agreement” to shut tax avoidance loopholes.