January 4 2016
Apple has been a name which has been one of the leading names in the world of technology, and the company has been coming out with some of the most intriguing developments in modern times. The European Commission has directed the Dutch government to collect almost 30 million Euros as taxes from coffee retailer Starbucks, and the Luxembourg government from automobile player, Fiat Chrysler Automobiles NV (NYSE: FCAU). Apple, which earns offshore profits worth $181.1 billion, is likely to pay a tax of $59.2 billion in an effort to transfer money to homeland. In an interview with CBS TV program 60 Minutes aired December 20, he said: “Apple pays every tax dollar we owe”. He also dismissed the idea of bringing profits back to the United States because of the cost to the company. The company’s best-known hardware products include the Macintosh line of computers, the iPod, the iPhone, and the iPad.
Apple has reportedly agreed to pay about $347.6 million to Italian authorities to settle allegations of tax evasion, according to sources with knowledge of the matter.
The company has now faced another legal obstacle over taxation as Italian law authorities have judged Apple to pay the country Euro 318 Million.