SLICED APPLE WILL APPEAL
Giant fights EU £11BN tax order
APPLE said it will fight an £11 billion fine after competition chiefs ruled it had an illegal tax deal in Ireland.
The announcement followed a three-year probe.
European Commissioner Margrethe Vestager said it paid just 0.0005% tax on its European profits in 2014.
The watchdog said arrangements, which date back to the early 1990s, were illegal. Ireland allowed the brand, headed by Tim Cook, to avoid tax on almost all profits from sales, the inquiry found. The brand avoided tax by recording all its sales in Ireland, failing to include other countries. Ireland also allowed it to attribute sales to a “head office” that existed only on paper. Ireland’s finance minister Michael Noonan warned the fine could hit future investment in Europe. Apple said it would appeal the decision.