Tuesday, June 10 17:57:14
The European Commission will launch a formal investigation tomorrow into Apple's tax arrangements in Ireland, according to reports.
A U.S. Senate committee investigation revealed last year that Apple had cut billions from its tax bill by declaring companies registered in the Irish city of Cork as not tax resident in any country.
The EU's competition authority said last year that it was looking into corporate tax arrangements in several member states and had requested information from Ireland.
International concern about the tax practices of multinational firms has been growing in recent years with both the G7 and European Commission making overtures that they wish to see greater controls globally.
Ireland was brought into specific focus by hearings in the US Senate when Apple's CFO claimed that the Ireland had given the company a special 2 per cent tax rate over 30 years ago.
The Irish Government denied that Apple paid tax at this rate in Ireland but the claim is believed to have promoted the EU to look at the issue which could lead to a formal investigation.