Economics
EU Tells Apple It Still Has to Show Them the Money
- ‘Nothing has changed’ over Apple’s 13 billion-euro Irish taxes
- EU is suing Ireland for failing to recoup tax money quickly
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European Union regulators reacted coolly to Apple Inc.’s move to repatriate hundreds of billions of overseas dollars to the U.S., saying “nothing has changed” in its order for the iPhone maker to pay back taxes to Ireland.
Apple will pay about $38 billion in U.S. taxes on money it’s repatriating to the U.S., the company said on Wednesday. The transfer comes after Congress scrapped tax rules that allowed corporations defer U.S. income taxes on foreign earnings until they returned the income to the U.S. The EU was unmoved.