Amazon and Apple hit by European Union tax crackdown

EU orders Amazon to pay Luxembourg tax bill

Last year, the European Commission established that Ireland violated EU law on competition by giving Apple "undue tax benefits of up to €13 billion".

In a ruling that echoes the Apple one of past year, European competition commissioner Margrethe Vestager has told Amazon that it has to pay around €250 million ($290 million) in back taxes.

In June, the European Union hit Google with a record fine of 2.4 billion euros ($2.7 billion) for skewing search results in favour of its own shopping service.

"Luxembourg gave illegal tax benefits to Amazon".

The issue is complicated by the fact that Ireland doesn't actually want Apple to pay the money, since it might discourage other multinationals from setting up shop there.

RBI maintains status quo; repo rate retained at 6 percent
However, retail inflation rose to a five-month high of 3.36% in August due to costlier vegetables and fruits. While the repo rate stay at 6 per cent, reverse repo rate will also remain unchanged at 5.75 per cent.

It said that until the illegal aid is recovered, Apple is benefitting from an "illegal advantage, which is why recovery must happen as quickly as possible".

Brussels on Wednesday ordered Amazon to pay 250 million euros in back taxes linked to an "illegal tax break" that Luxembourg granted the internet shopping giant.

Commissioner Margrethe Vestager, in charge of competition policy, said "Ireland has to recover up to €13 billion in illegal state aid from Apple".

Meanwhile, the Commission said it planned to take Ireland to court over its failure to collect €13bn of back taxes from Apple. "But member states need to make sufficient progress to restore competition", she added.

The decision follows a three-year long investigation by the European Commission. "That is why we have today chose to refer Ireland to the EU Court for failing to implement our decision".

GoFundMe launched to help bring Tewksbury woman killed in Las Vegas home
His motivation for the act that killed 59 people and injured hundreds more remains unknown. "She did great. As the music festival went long, her father-in-law took their daughter back to the hotel.

"That is why it is extremely disappointing that the commission has taken action at this time against Ireland".

Ireland, which has contested the decision, claiming that European Union regulators were interfering with national sovereignty, said the decision was "extremely disappointing".

The tax deal between Luxembourg and Amazon was struck in 2003.

In a historic case in March 2013, the European Commission fined United States giant Microsoft 561 million euros ($638 million) for failing to comply with an order to provide clients with a choice of internet browsers for Windows 7, as it had promised to do.

The Commission said it had enabled Amazon to shift the "vast majority" of its profits from Amazon EU to Amazon Europe Holding Technologies, which was not subject to tax.

Tiger Woods steps out with rumored new girlfriend, Erica Herman
The last time the golfer said anything about a relationship was when he told TMZ in August he wasn't dating Kristin Smith anymore. Herman was with the group of players' wives and girlfriends who took photos with the former presidents Thursday.

Related News:

  • Syria: Al-Nusra Front chief seriously injured

    Syria: Al-Nusra Front chief seriously injured

    The jihadists control almost all of Idlib province after driving out Islamist former allies earlier this year. He said 12 field commanders including al-Jolani's security chief were also killed along with about 50 guards.
    Las Vegas shooter's girlfriend arrives in US

    Las Vegas shooter's girlfriend arrives in US

    Danley, 62, flew to Hong Kong September 25, NBC News reported Tuesday. My Thoughts and prayers go out to everyone involved tonight. It was unknown what airport she was supposed to arrive in.
    Equities trade higher ahead of RBI policy review outcome

    Equities trade higher ahead of RBI policy review outcome

    USA manufacturing activity in September rose to its highest level in 13 years, a pointer to gradual revival of the global economy. SBI Life Insurance Company today made its debut on the BSE at Rs 733.30, a premium of 4.75 per cent over its issue price.
  • Vegas shooter's room rigged with cameras

    Vegas shooter's room rigged with cameras

    Danley's sister thinks Paddock bought her a ticket to the southeast Asian islands to keep her in the dark about his plan to kill . The I-TEAM found that Danley and Paddock intersect in Washoe County, Nevada and had a common address in Reno .
    Former Iraqi President Talabani Dead at 83

    Former Iraqi President Talabani Dead at 83

    Throughout the 80s and 90s the Talabani-led PUK and its Peshmerga forces fought with the Iraqi government under Saddam Hussein. Former Iraqi President Jalal Talabani , the country's first non-Arab president, has died at the age of 83, his family said.
    RCMP take over investigation into Edmonton terror attack

    RCMP take over investigation into Edmonton terror attack

    Ali also declined to answer questions about Sharif's background or whether Somalis are facing any backlash over the attacks. As of Monday, two of the pedestrians remained in hospital, one with a fractured skull.
  • Atom Is The Newest Injustice 2 DLC Character

    Atom Is The Newest Injustice 2 DLC Character

    For the first time gamers can take control of how their characters look, fight and develop across a variety of game modes. This isn't the full trailer for the character either so hopefully, we'll see a little more in the coming weeks.
    Kasich Just Mapped His Exit Strategy From The GOP

    Kasich Just Mapped His Exit Strategy From The GOP

    Rumors circulated throughout the summer that he planned to run for president on a national unity ticket with Colorado Gov. Kasich said that attitude "says something big" and he expressed hope that "our party leaders will pay attention to this".
    Fire Prevention Day to bring local organizations together to promote children's health

    Fire Prevention Day to bring local organizations together to promote children's health

    A home escape plan includes working smoke alarms on every level of the home, in every bedroom, and near all sleeping areas. Oftentimes the best firefighters can do is contain the blaze to the one property and keep adjoining buildings intact.
  • Google Home App Gets Major Redesign; Night Mode Introduced

    Last but not the least, there is the Night Mode added to the Google Home app so you can set your preferences at different times. Users can take things a step further and enable a Do Not Disturb mode that will turn on when night mode is active.
    Two rape victims move HC,seek life imprisonment for Dera chief

    Two rape victims move HC,seek life imprisonment for Dera chief

    The adopted daughter of Gurmeet Ram Rahim was questioned by Haryana Police's Special Investigation Team till 3 am in Panchkula . On 28 August, the Dera chief was sentenced to 20 years in prison for the rape and sexual exploitation of two female disciples.
    This week's Tube strike has been called off

    This week's Tube strike has been called off

    Mr Brennan said he was "pleased" the strike could be called off, following a meeting chaired by the conciliation service Acas. The FA confirmed on Monday that the World Cup qualifying clash would take place even with the planned Tube strike.


Most liked

'Making a Murderer': Steven Avery Denied New Trial
Near the end of 2015, a 10 part Netflix documentary on the case raised questions amongst the public regarding his guilt. Avery is now serving a life sentence with no chance of parole for the 2005 rape and murder of Teresa Halbach .

"Christmas could be cancelled" as Royal Mail workers vote to strike
They escalate to independent external mediation, which we expect will take close to Christmas to be completed, and may be longer. Royal Mail pays 45-50% more than this.

New Roman Polanski Rape Allegations Surface Despite 'It's Over' Claim
Polanski's attorneys have disputed all other allegations, and did not comment on the new accusations, The New York Times reported. Yet another woman has come forward to accuse Roman Polanski of sexually assaulting her while she was a teenager.

Global Opal Bracelet Market 2017 Industry Growth with CAGR in Forecast
The segment is anticipated to reach a market value of US$ 48.78 Bn by 2025 end, in the global automotive seats market . The report primarily focuses on a plethora of developments expected to take place in the market in the years to come.

Facebook to defend United States data transfer
His legal team claimed that the Irish watchdog already had the power to stop data transfers from Facebook and should use it. Now, in a landmark judgment the High Court has decided to make a reference for a preliminary ruling to the CJEU.

RAF fighter jets escort Ryanair plane into Stansted airport after security incident
A RAF spokesman confirmed "quick reaction alert Typhoon aircraft" were launched this morning to intercept a civilian plane. Stansted Airport went into lockdown and all flights were temporarily grounded while the hoax bomb threat was dealt with.

New Rs 100 notes: RBI Printing in April 2018
A Livemint report mentioned that according to central bank sources, the RBI will start printing new Rs 100 notes in April 2018. The two denomination notes together constituted for 86 per cent of the currency in circulation at that time.

International Business Machines Corporation (NYSE:IBM) Shares Bought by IBM Retirement Fund
Gherson sold 5,000 shares of International Business Machines Corp. stock in a transaction that occurred on Monday, February 13th. Milestone Group Inc. grew its stake in shares of International Business Machines Corporation by 0.4% in the second quarter.

Las Vegas gunman Stephen Paddock may have planned attack on Lorde concert
The Life is Beautiful Music Festival took place from September 22nd to the 24th and featured performers such as Chance The Rapper , Lorde, Gorillaz , Muse, Blink-182, and more.

Egypt Ordered 30000 Weapons From North Korea
I believe that Secretary Tillerson is accurately stating that we are probing for opportunities to talk with the North". This particular transaction between Egypt and Kim's regime secretly went about until USA intelligence discovered it.

Markieff and Marcus Morris found not guilty in aggravated assault trial
It's huge for the Morris brothers considering they were facing possible prison time if convicted. Two witnesses testified about the mentor's attempt and their refusal to lie.

Ryan Says Mental Health Reform Critical In Stopping Future Mass Shootings
Reports had suggested the House could vote on the National Rifle Association-backed legislation, known as the SHARE Act, soon. Ryan guffawed, ignored the question, and called upon another reporter who asked asked him a related question.

Greenblatt Calls on Palestinians to Recognize Israel, Adopt Nonviolence
Hamdallah told his ministers the cabinet session was a major step in a reconciliation process promoted by Egypt and other US-allied Arab countries.

Analysts Poring Over the Numbers on Array BioPharma Inc. (NASDAQ:ARRY)
Bank of Hawaii acquired a new position in shares of Endo International PLC during the second quarter worth approximately $180,000. An evaluation of a stock's expected performance and/or its risk level as judged by a rating agency such as Standard and Poor's.

Strictly Come Dancing beats X Factor for Saturday viewers
The fourteen remaining Strictly couples will take to the floor again on Saturday evening for a Movie Special. "Racist Britain. The actress was eliminated from the BBC show after the judges voted her out in the dance-off.