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Added on the 30/08/2016 13:43:09 - Copyright : Reuters EN
The multinational technology company Apple has been ordered to repay up to 13 billion euros ($14.5 billion) in tax benefits back to the Republic of Ireland due to an "illegal" breach of EU state aid rules, confirmed European Commissioner for Competition Margrethe Vestager from Brussels, Tuesday.
In 2017, then-Governor of Wisconsin Scott Walker made great fanfare of the arrival of Apple's biggest supplier, Foxconn. Foxconn had agreed to build a facility to manufacture large-screen TV displays and create 13,000 jobs. In exchange, Wisconsin would offer an enticing series of tax breaks, totaling $4 billion. Now, Business Insider reports the Wisconsin Economic Development Corporation has rejected Foxconn's application for tax subsidies. Business Insider reports Foxconn had to have at least 520 people under employment by the end of 2019 to receive the subsidies. Foxconn claimed to have hired 550 people, but Wisconsin says only 281 of them met the qualifications listed in the contract.
Fury in the US, consternation in Ireland: the European Commission's 13 billion euro bite at tech giant Apple is leaving a bad aftertaste. Jo Webster reports.
The European Commission orders Apple to pay up to 13 billion euros in back taxes to Ireland. Hayley Platt reports.
U.S. President Barack Obama attends an outdoor arrival ceremony in heavy rain, as the first sitting U.S. president to visit Laos. Rough Cut (no reporter narration).
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