Apple Inc. is promising to appeal the European Commission’s decision that it owes $14.5 billion in European taxes because it says the company’s current effective tax rate of 0.00045 percent is “fair.”
That infinitesimal European tax rate saves the company from having to pay a U.S. tax bill of $360,000 for every $1 million in profits.
Apple’s CEO, Tim Cook, called the European tax bill “maddening” and expressed confidence that it would be overturned. In an interview with the Irish broadcaster RTE, Mr. Cook said the company paid its “fair” share of taxes in Ireland, the U.S. and everywhere, according to Bloomberg. – READ MORE
