Published On: Mon, Sep 29th, 2014

Apple, Starbucks, Facing Possible $1.6 Billion Fine over Sweetened Irish Tax Deals

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Apple, Fiat, Starbucks and other companies are being investigated for allegedly dodging taxes in Ireland, the Mail online reports. The accusation is that Apple made illegal deals with the Irish government, and paid only 11.4 million pounds or $18.51 million when it made profits of 10.5 billion or $17.05 billion in record sales. If Apple is found guilty, it could face up to $1.6 billion in fines. EU authorities are looking into whether the Netherlands and Luxembourg might have made similar illegal deals.

The U.S. Senate found that Apple had sheltered 18 billion pounds or $29.23 billion in ghost companies to avoid taxes. Prior to this year, Apple had paid taxes only once in the U.K despite trading there for 15 years. Spokespeople for Apple and Starbucks  have denied the claims and say they comply with all tax laws.

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