{"id":82548,"date":"2023-11-09T10:17:38","date_gmt":"2023-11-09T15:17:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/why-apples-15-billion-tax-problem-is-a-risk-once-again\/"},"modified":"2023-11-09T10:17:41","modified_gmt":"2023-11-09T15:17:41","slug":"why-apples-15-billion-tax-problem-is-a-risk-once-again","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82548","title":{"rendered":"Why Apple\u2019s $15 Billion Tax Problem Is a Risk Once Again"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

It never ends. <\/p>\n

An advisor to the highest court in the European Union has made a non-binding ruling that
\n Apple\u2019s<\/span>
\n legal victory in a seven-year-old tax spat should be set aside, making the tech company\u2019s $15 billion problem look like a risk once again.<\/p>\n

\n

Giovanni Pitruzzella, advocate general for the EU\u2019s Court of Justice, said Thursday that the lower General Court\u2019s previous ruling in favor of
\n Apple
\n (ticker: AAPL) \u201cshould be set aside,\u201d telegraphing how the bloc\u2019s top court may rule in a decision expected next year.<\/p>\n

The European Commission in 2016 ordered Ireland\u2014the tax-friendly European home of many U.S. tech giants\u2014to claw back some \u20ac13.1 billion from Apple, calling its tax advantages illegal state aid. Ireland collected \u20ac14.3 billion ($15.3 billion) from Apple in 2018, a sum representing back taxes and interest that has since been held in escrow.<\/p>\n

The EU\u2019s General Court ruled in favor of Apple\u2019s appeal in 2020, before the commission escalated the case to the Court of Justice. Now, that court\u2019s advisor, in the form of advocate general Pitruzzella, has said the General Court \u201ccommitted a series of errors in law,\u201d including methodological errors.<\/p>\n

$15 billion is no paltry sum, even to the world\u2019s most valuable public company. While the 2020 ruling made it look like Apple would get its $15 billion back, Pitruzzella\u2019s foreboding opinion suggests otherwise, returning uncertainty to the iPhone maker and keeping alive a landmark case for the EU\u2019s tough-on-tech regulators.<\/p>\n

Apple didn\u2019t immediately respond to a request for comment from Barron\u2019s<\/em>.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It never ends. An advisor to the highest court in the European Union has made a non-binding ruling that Apple\u2019s legal victory in a seven-year-old tax spat should be set aside, making the tech company\u2019s $15 billion problem look like a risk once again. Giovanni Pitruzzella, advocate general for the EU\u2019s Court of Justice, said […]<\/p>\n","protected":false},"author":1,"featured_media":82549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-82548","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWhy Apple\u2019s $15 Billion Tax Problem Is a Risk Once Again | iFintechWorld<\/title>\n<meta name=\"description\" content=\"It never ends. 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