Good stuff: Apple steps up lobbying amid European tax probe

Apple is pushing back against a European tax investigation that could force the iPhone maker to pay more than $US8 billion ($11.42 billion) in back taxes.

Good stuff: Apple steps up lobbying amid European tax probe 1453455918201

Good stuff: Apple steps up lobbying amid European tax probe 1453455918201

CEO Tim Cook met with the European Commission's antitrust chief Margrethe Vestager in Brussels on Thursday to press the company's case. After the meeting, Cook sent out a tweet highlighting figures showing that the company's products support more than 1.4 million jobs across Europe. Meanwhile, government officials on both sides of the Atlantic have come to the company's defense to lobby against a penalty.

Apple is being scrutinised by European officials, who accuse the company of using subsidiaries in Ireland to avoid paying taxes on revenue generated abroad. While Apple generates about 60 per cent of its sales outside the US, its foreign tax rate is about 1.8 per cent, according to Bloomberg Intelligence analyst Matt Larson.

"If the commission follows its own precedent" from recent cases "and effectively requires Ireland to impose the statutory tax rate, Apple will be looking at around 10 percentage points of tax on substantially more than a hundred billion dollars of profit from a decade of sweetheart deals," said Alex Cobham, director of research at the Tax Justice Network.

Read more: http://www.smh.com.au/it-pro/business-it/apple-steps-up-lobbying-amid-european-tax-probe-20160121-gmbh2s.html#ixzz3yWlOZGwv

Good stuff: Apple steps up lobbying amid European tax probe

Good stuff: Apple steps up lobbying amid European tax probe

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