Apple Inc. (AAPL) is facing possible tax fines.
As if stories of bendy phones and faults in APPLE’s iOS 8 operating system were not enough, the tech company is now facing not product but corporate woes. Based in Cork, Ireland, for the last 35 years APPLE has minimized its tax bills through the country’s low taxation rates. However, Irish Finance Minister Michael Noonan spoke last month about Ireland not being a tax haven for large corporations.
Meantime in Brussels APPLE is on the list of companies being reviewed for tax avoidance, alongside Starbucks and Amazon. This could lead to a multi-billion euro tax repayment from APPLE and, of course, a healthy fiscal prize for Ireland. It will however, have implications on furure EU-US relations.
The main factor being reviewed is whether APPLE has put historical pressure on Irish authorities to lower its tax rate, thereby giving the company an unfair market advantage. This allegation is totally denied by APPLE who are adamant that they stick to the tax laws of the country they reside.
Semtiment with APPLE on Friday was neutral trading flat above $100 and waiting for the markets to open with this news.
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