Aug 29

Jack Lew Furious After Europe Set To Hit Apple With “Largest Tax Penalty Ever”:

Just minutes after the excitement over Apple’s new product announcement hit, The FT drops a rather more painful headline stating that Apple will on Tuesday be hit with Europe’s largest tax penalty after Brussels ruled that the company received illegal state aid from Ireland. Despite Treasury Secretary Lew’s pleas/demands just a week ago that the EU back off, the company will have to pay billions of euro in back taxes to Dublin as the European Commission moves to redraw the boundaries on aggressive tax avoidance by the world’s biggest corporations.

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