According to an analysis by Bloomberg Intelligence, Apple could owe more than $ 8 billion in back taxes if the European Commission detects problems with the iPhone manufacturer’s corporate tax policy in Ireland.
Apple is one of several multinational corporations that have been put to the test in Europe for corporate tax avoidance in recent years. The European Commission launched Apple’s tax investigation in June 2014 and three months later formally accused the iPhone maker of receiving illegal state aid from Ireland.
The company’s earnings of $ 64.1 billion from 2004 to 2012 could be subject to a tax rate of 12.5%, depending on the investigation, compared to the current foreign tax rate of about 1.8%. A decision on the investigation is expected in Brussels by March, possibly after the 2016 Irish elections.
Apple’s tax breakdown in Ireland (Image: Bloomberg Intelligence)
Apple has several subsidiaries in Ireland to pay significantly less taxes outside of the US, where it generates about 55% of its sales. Apple continues to deny any wrongdoing and both the company and Ireland vow to bring the European Commission to court over a negative judgment.
Last month, Apple agreed to pay € 318 million in Italy to settle an investigation alleging the company had booked profits made in Italy through an Irish subsidiary to lower its taxable income base between 2008 and 2013 Save 879 million euros. The Italian regulators completed this tax investigation in March.
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