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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

EU court adviser backs EU’s $14 bln tax order to Apple

The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019, 2019. REUTERS/Mike Blake/File Photo
The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., Decemb... The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019, 2019. REUTERS/Mike Blake/File Photo
The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019, 2019. REUTERS/Mike Blake/File Photo
The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., Decemb... The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019, 2019. REUTERS/Mike Blake/File Photo

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An EU court adviser backs the EU’s $14 billion tax order to Apple. On Thursday, an adviser to the European Court of Justice stated that judges should support a tax order worth 13 billion euros ($14 billion) that EU competition authorities imposed on Apple (AAPL.O) seven years ago.

In a 2016 ruling, the European Commission determined how much the iPhone manufacturer was required to pay in Irish back taxes. A lower panel had upheld Apple’s challenge.

Advocate General Giovanni Pitruzzella of the EU Court of Justice (CJEU) stated in a non-binding opinion that “the judgment of the General Court on ‘tax rulings’ adopted by Ireland in relation to Apple should be set aside.”

Apple may suffer significant financial consequences if the European Union court maintains the adviser’s view. If the $14 billion tax order is implemented, the internet giant would see a considerable loss. This may impact Apple’s investment choices, dividend policy, and overall financial outlook, among other financial tactics.

The advisor’s endorsement of the EU tax decision sets a precedent that may impact multinational firms nationwide. Businesses in EU member states with comparable tax arrangements may be subject to heightened scrutiny and even legal challenges. The case serves as a warning to companies to assess and guarantee adherence to EU tax laws thoroughly.

The adviser’s position on the Apple tax issue demonstrates the EU’s dedication to just taxes and fair competition. This signals the need for more openness and adherence to state aid regulations, which has wider ramifications for international companies doing business in the EU. The changing regulatory environment highlights the necessity of taking proactive steps to comply with the EU’s taxation structure.

An important turning point in the continuing conflict has occurred with the adviser’s support of the EU’s $14 billion tax order for Apple. The legal basis and potential financial repercussions of state assistance regulations within the European Union emphasize their importance. As the case develops, it acts as a spur for closer examination of the tax policies of multinational enterprises, influencing how corporate taxes and fair competition in the EU will develop.


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