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The European court of justice overturned a record fine for Apple of €13 billion




The European court of justice has overturned the European Commission's 2016 decision on a record fine for Apple of €13 billion for violating tax laws and state subsidies.





“The European court of justice of General jurisdiction overturned the contested decision because the European Commission could not legally justify the violation of the provisions of the European competition rules,” the court decision says.

Earlier, Irish Finance Minister Pascal Donohue said that Apple transferred €14.3 billion to a special account in Ireland, €1.32 billion of which was interest in overdue payments, to compensate for unjustified tax benefits.

In August 2016, the European Commission demanded that Apple reimburse Ireland for unjustified tax benefits. It was noted that from 2003 to 2014, Apple paid up to 1% tax at the base rate of 12.5% in Ireland because sales were registered in Ireland, and not in the countries where the products were actually sold. Tax legislation exempted an American company from tax on profits derived from sales in Europe.



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TAGS: EUROPE NEWS, EUROPE, APPLE

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