‘Ap­ple tax not anti-US’

The Myanmar Times - - International Business -

EUROPE’S pow­er­ful Com­pe­ti­tion Com­mis­sioner Mar­grethe Vestager said the EU or­der for Ap­ple to pay US$15 bil­lion in taxes did not rep­re­sent any bias against US com­pa­nies.

Speak­ing hours af­ter the Euro­pean Union launched an in-depth probe into al­leged sweet­heart tax deals be­tween French gas group Engie and Lux­em­bourg, Ms Vestager said the new case was ev­i­dence that the EU was go­ing af­ter all evaders.

“If you look at our prac­tice, then you can­not find a US bias. You can­not find the sta­tis­tics to back up any kind of bias,” she said.

The Euro­pean Com­mis­sion’s record $15 bil­lion or­der against Ap­ple in Ire­land came af­ter US com­pa­nies, in­clud­ing Star­bucks, Ama­zon and Google par­ent Al­pha­bet, have come un­der probes over the low prof­its tax they pay in Europe due to al­leged sweet­heart tax deals with cer­tain gov­ern­ments.

Ms Vestager also said the tax hit on Ap­ple was not a reprisal against US reg­u­la­tors’ im­po­si­tion of multi­bil­lion-dol­lar fines on Euro­pean banks for vi­o­lat­ing US sanc­tions on other coun­tries and for their in­volve­ment in the mas­sive US sub­prime mort­gage bond cri­sis.

Last week the US Jus­tice De­part­ment pro­posed a record $14 bil­lion fine against Deutsche Bank for its sell­ing of high-risk mort­gage bonds be­fore the 2008 fi­nan­cial cri­sis.

“I am ab­so­lutely cer­tain that the de­ci­sion on Deutsche Bank is built on facts of the case and Amer­i­can leg­is­la­tion,” Ms Vestager said.

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.