Apple's (AAPL) Cook: Every Co. in Ireland and EU Now at Risk of Taxes Under Laws that Never Existed

Irish Finance Minister Noonan Disagrees with EU Tax Assessment on Apple (AAPL)

The following was posted to Ireland's Finance website on Tuesday:

Minister Noonan disagrees profoundly with Commission on Apple

What has happened?

The European Commission has today issued a negative decision in the Apple State aid case.

Ireland has been instructed by the European Commission to recover up to 13bn of alleged state aid from the company covering a ten year period.

Notwithstanding the negative decision, no fine or penalty has been imposed on the State.

The European Commission has stated that This decision does not call into... More

Apple (AAPL) criticizes EU ruling; says it will hurt European economy - Bloomberg

Apple (Nasdaq: AAPL) criticizes EU ruling; says it will hurt European economy, according to Bloomberg.

The company sads that the case may hurt its investment in Europe and expects the decision to be overturned.

Apple (AAPL) Determined to Receive Up to EUR13 Billion in Undue Irish Tax Breaks - EC

The European Commission released the following on Tuesday:

The European Commission has concluded that Ireland granted undue tax benefits of up to 13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid.

Commissioner Margrethe Vestager, in charge of competition policy, said: "Member States cannot give tax benefits to selected companies this is illegal under EU state aid rules. The Commission's investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it... More