iPhone maker, Apple slapped 1 Lakh Crores tax!
Posted December 5, 2017 (2 weeks ago) at 15:19
iPhone is undoubtedly one of the world’s finest pieces of technological brilliance. It stands as a specimen to the advancement in human mankind’s technological advancements. Apple, the manufacturer of the iPhone has been slapped a record amount of Rs 1 Lakh Crores (or €13bn) by the Irish government.
an entry into the European Union. Apple is also one among the hundreds of multinational companies that have established their headquarters in the low-tax haven. After Brussels pointed out at Ireland for failing to collect the back taxes, the European Union asked the Irish government to collect the unpaid taxes from the tech-giant.
The European Commission in a ruling stated that ‘Irish government offered some tax benefits to Apple. This is illegal under the European Union rules. We have asked the Irish authorities to collect the unpaid taxes.’
In this regard, the Irish Government came to an agreement with the tech-giant Apple for the payment of unpaid taxes over the years. Apple has agreed to pay a sum of €13bn (or 1 lakh crores) to the Irish government.