FT News Briefing Twitter accounts hacked, US vs Nord Stream 2, Apple victorious in EU battle over Irish back taxes
Jul 16, 2020
A massive Twitter hack spread cryptocurrency scams across numerous accounts, leaving social media on high alert. Meanwhile, OPEC and Russia are cautiously unwinding record oil supply cuts. The U.S. has warned against aiding the construction of the contentious Nord Stream 2 gas pipeline. In a significant court ruling, Apple triumphed in a battle against a multi-billion euro tax claim from the EU, igniting debates on tax sovereignty and regulations among member states.
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EU Court Ruling on Apple Taxes
- The EU's second-highest court rejected the European Commission's order for Apple to pay back taxes to Ireland.
- This challenges the EU's attempts to control tax policies within member states.
EU's Tax Control Challenges
- The EU's loss in the Apple tax case suggests they're running out of options to control member states' taxation.
- They might seek alternative ways to influence tax arrangements, potentially by reducing member state veto power.
EU's New Tax Strategy
- The EU plans to use an unused treaty to target low-tax member states, requiring only a qualified majority.
- This could bypass the veto power of individual states like Ireland, increasing the EU's influence on tax practices.