Europe's 'unfair' Apple tax ruling sparks US anger

There has been widespread criticism in the US of the European Commission's ruling that Apple should pay up to €13bn (£11bn) in back taxes (to Ireland).

The US Treasury said that such tax investigations were "unfair" and undermined the tax rules of individual states.

Charles Schumer, a senior Democrat senator, called the move a "cheap money grab".

White House spokesman Josh Earnest argued that if Apple paid the back taxes, it might offset that amount against tax due in the United States, which would be unfair for American taxpayers. http://www.bbc.com/news/business-37226101

Apple's Irish tax bill could top $20 billion: Economist

Apple's Irish tax bill could top $20 billion if it does not succeed in overturning an European Commission ruling, one expert warned on Wednesday.

On Tuesday, the European Commission, which is the legislative arm of the European Union, ruled that Ireland must recover up to 13 billion euros ($14.5 billion), as well as a sizable interest, in "illegal tax benefits" from the tech giant.

Due to an unusual global tax structure, the iPhone maker's effective tax rate in Ireland was a mere 0.005 percent in 2014.

Independent economist Seamus Coffey told CNBC's "Squawk Box" that the final payment once interest penalties are taken into account, if ever paid, could amount to as much as 10 percent of Ireland's national income. "The European Commission wanted to make a splash," he said. http://www.cnbc.com/2016/08/30/apples-tax-bill-in-ireland-could-be-20-billion-dollars-if-it-fails-to-overturn-an-european-commission-ruling.html http://www.cnbc.com/2016/08/30/apples-tax-bill-in-ireland-could-be-20-billion-dollars-if-it-fails-to-overturn-an-european-commission-ruling.html