Apple moving its entire international iTunes business to Ireland

mr_anderson

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Apple is moving its international iTunes business assets from Luxembourg to Ireland at the start of next month.


From February 5, the non-US side of its business, including the iTunes Store, Apple Music, the App Store, and the iBooks Store, will operate from its European HQ in Cork, according to a note sent out to developers yesterday.


The move isn't coming as a total surprise; Apple first announced its intentions in September, and it transferred an estimated $9 billion (£7.2 billion) of iTunes assets at the same time, as well as moving all developer contracts to Apple Distribution International, one of its two main Irish companies.


In effect, Apple is moving its subsidiaries from one low-tax European haven to another, in what could be construed as a careful slight to top EU politicians. In August, Ireland was ordered by the EU to collect an additional €13bn (£10.8bn) in taxes from Apple. The country was accused of offering the tech giant a sweetheart deal with an effective tax rate as low as 0.005 percent, which the EU insists is anticompetitive for the tax systems of its other member nations and could even amount to illegal state aid.
https://arstechnica.com/apple/2017/01/apple-international-business-ireland-luxembourg/

We're beating other Tax Havens !
On the plus side, if the EU win the suit against Ireland & Apple, we now end up even bigger winners.
 


Spanner Island

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https://arstechnica.com/apple/2017/01/apple-international-business-ireland-luxembourg/

We're beating other Tax Havens !
On the plus side, if the EU win the suit against Ireland & Apple, we now end up even bigger winners.
How do you make that out?

Do some people still believe Ireland will get the €13 billion or anything close to it??? :roll:

The ruling is about the EU telling Ireland to be a tax collector on behalf of members who can't be arsed collecting the taxes themselves.

Little if any of it will come here. Nor should it.... but if EU states want Apple to pay tax on business Apple does in their countries then they should feckin' well collect their own taxes and not expect us to do it for them.
 

statsman

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How do you make that out?

Do some people still believe Ireland will get the €13 billion or anything close to it??? :roll:

The ruling is about the EU telling Ireland to be a tax collector on behalf of members who can't be arsed collecting the taxes themselves.

Little if any of it will come here. Nor should it.... but if EU states want Apple to pay tax on business Apple does in their countries then they should feckin' well collect their own taxes and not expect us to do it for them.
Exactly.
 

TheWolf

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How do you make that out?

Do some people still believe Ireland will get the €13 billion or anything close to it??? :roll:

The ruling is about the EU telling Ireland to be a tax collector on behalf of members who can't be arsed collecting the taxes themselves.

Little if any of it will come here. Nor should it.... but if EU states want Apple to pay tax on business Apple does in their countries then they should feckin' well collect their own taxes and not expect us to do it for them.
That money is just resting in our Escrow account!
 
T

Toowoomba

Apple, which has some 6,000 workers in Ireland, says its Irish units paid the parent company a licensing fee to use the intellectual property in its products. The Irish companies didn't own the IP, so they don’t owe tax on it in Ireland, Apple says, but the units will face a U.S. tax bill when they repatriate the profits. Apple expects to pay about 26 percent of its earnings in tax for the most recent fiscal year and has set aside some $32 billion to cover taxes it says it will face should overseas income be returned to the U.S.


https://www.bloomberg.com/news/articles/2016-12-16/the-inside-story-of-apple-s-14-billion-tax-bill


Trump will get them to repatriate the retained earnings and Apple will get a Foreign Tax Credit on any taxes paid overseas.

So this is a zero sum game for Apple..........but not for Trump.
 

stopdoingstuff

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Well fk my face like a Filipino hooker on an army base- this is brilliant news for people like me.
 

FunkyBoogaloo

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Great news. Now the national accounts can be fudged even more... allowing the govt to get us all into more debt.

On the plus side... a few crumbs will likely be thrown our way.
 

Hunter-Gatherer

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and all the inner circle of FF/FG/Lab will be like pigs at the trough. Tons of free money for the gombeens. Cheap EU money-laundering for the corporates.

Banana Republic
 

Erudite Caveman

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and all the inner circle of FF/FG/Lab will be like pigs at the trough. Tons of free money for the gombeens. Cheap EU money-laundering for the corporates.

Banana Republic
Great news. Now the national accounts can be fudged even more... allowing the govt to get us all into more debt.

On the plus side... a few crumbs will likely be thrown our way.
Handwavey McHandwave and Dog of Pavlov spouting nonsense.
 

venusian

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wombat

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This is really nutter central, new hobbies needed for all.
 

JCR

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This is really nutter central, new hobbies needed for all.
It beats going on all fours and howling at the moon for some alright.

Anyway, the more tech industry we get in here the less likely others will leave and the more likely others will follow. The problem is our belligerent development Czars because we are struggling to house the best young talent as it is.
 

storybud1

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yaay, lets show them pesky Luxembourgers who the big swinging m1ckeys are when it comes to sucking up as a small state in the EU, those fookers the Maltese are next when it comes to selling passports to wealthy Arabs,

Oh wait, Albert Reynolds beat them to it ,,
 

venusian

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yaay, lets show them pesky Luxembourgers who the big swinging m1ckeys are when it comes to sucking up as a small state in the EU, those fookers the Maltese are next when it comes to selling passports to wealthy Arabs,

Oh wait, Albert Reynolds beat them to it ,,
Maybe they weren't misdialed, dial a vvank calls to Babestation that ended up in Ireland after all, more likely it was FG government intervention to enforce the public prostitution of mother Ireland as a tax dodging whore by the FG pimps !
 

Filibuster

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One thing to remember about this is that it won't piss Trump off, for one simple reason, Apple, Cork doesn't export anything to the US. It's the bridgehead for a US company into Europe.

So basically, those companies have been avoiding (legally) taxes in other European states and elsewhere by routing through Ireland at low tax rates. The profits are then increased and are available to repatriate to the US where they'll be taxed at Trump's lower rate.

At present, companies are largely stashing cash off shore neither in Ireland nor in the US to avoid repatriating at all costs as the US tax rates are relatively steep on those kinds of incomes.

So, basically if Trump drops US tax you'll more than likely still see Ireland acting as the bridgehead, you'll just just the actual classic tax havens that allowed off-shore parking to be cut out of the loop mostly.

If he wants to chase Apple's manufacturing, it's all done by Foxconn and others in China. Apple literally import those items back into the US via Apple USA / North America and into Europe via Apple Ireland.

Ireland losing that case actually results in the US losing revenue.
 
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PC Principle

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FunkyBoogaloo

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Bigger winners??

You pay higher taxes to subsidise those MNC's.

Congrats I suppose. Lol.

In fact, you ************************tie government will go to court to make sure they pay no taxes. Lol.

Wake up Sheeple.
Shush now! Nobody wants to hear that they're paying higher taxes to subsidise mega-profit-making MNCs. Away with your facts!

Vote yes fer jobs!
 


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