FT News Briefing The EU’s €13bn bite into Apple
Sep 11, 2024
The European Court of Justice rules that Apple must pay €13 billion in back taxes, raising questions about corporate taxation in the EU. A significant shift in U.S. banking regulations is also discussed, with the Federal Reserve reducing proposed capital requirement increases. Additionally, the podcast explores the Taliban's evolving diplomatic relationships with neighboring countries, shedding light on the impact of these ties on regional security and Afghanistan's economy.
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Apple's Tax Troubles
- The European Court of Justice (ECJ) ordered Apple to pay €13 billion in back taxes to Ireland.
- The ruling overturns a prior decision and declares that Apple benefited from illegal tax aid.
Ireland's Tax Deal Strategy
- Ireland offered Apple a favorable tax deal to encourage investment and job creation.
- This strategy aimed to attract large companies despite Ireland's claim of not offering preferential treatment.
Apple's Response
- Apple CEO Tim Cook called the EU's position "total political crap."
- Apple maintains it paid U.S. taxes and defends its tax arrangements.