Europe is going to hit Apple with its largest tax penalty ever

This is an automatic summary, original reduced by 52%.

Margrethe Vestager, the EU's competition commissioner, has distributed a 130-page judgment on Apple's Ireland operations, the Financial Times reports, ahead of an official ruling on Apple's tax structure expected on Tuesday.

The European Commission started to look into Apple's Irish tax rate in 2014, so Tuesday's decision will be the culmination of a three-year investigation.

The commission concluded that Apple received "Illegal state aid" from Ireland - essentially a sweetheart deal that allowed the computer maker to unfairly reduce its tax bill in a way not available to other companies, according to the report.

The commission focused on how and where Apple lists its intellectual property for tax purposes, which is one of the major loopholes that critics claim tech companies use to funnel assets to low-tax countries.

Last week, the US Treasury warned the EU that if it decided to claw back large amounts of tax from Apple, that it could create an "Unfortunate precedent."

"Let me explain what goes on with our international taxes. The money that's in Ireland that he's probably referring to is money that is subject to U.S. taxes. The tax law right now says we can keep that in Ireland or we can bring it back," Cook told The Washington Post.

Summary Source | FAQ | Theory | Feedback | Top five keywords: Apple^#1 Ireland^#2 tax^#3 Commission^#4 billion^#5

Post found in /r/DailyTechNewsShow, /r/TechNewsToday, /r/apple and /r/technology.

NOTICE: This thread is for discussing the submission topic only. Do not discuss the concept of the autotldr bot here.