Apple's tax bill in Ireland could be more than $20bn if it is unable to overturn a European Commission ruling, an economist has said. As we noted yesterday, the European Commission ruled that Ireland must recover up to €13bn, plus significant interest, in "illegal tax benefits" from the company. Apple's effective tax rate in the country was 0.005% in 2014. Economist Seamus Coffey told CNBC that the final payment, taking interest penalties into account, could amount to 10% of Ireland's national income. 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. Apple CEO Tim Cook said last week he would pay all taxes owed by Ireland, but only after the company had paid back its Irish subsidiary and agreed not to engage in any new business there.
Apple's tax bill in Ireland could be more than $20bn if it is unable to overturn a European Commission ruling, an economist has said. As we noted yesterday, the European Commission ruled that Ireland must recover up to €13bn, plus significant interest, in "illegal tax benefits" from the company. Apple's effective tax rate in the country was 0.005% in 2014. Economist Seamus Coffey told CNBC that the final payment, taking interest penalties into account, could amount to 10% of Ireland's national income. Apple CEO Tim Cook said last week he would pay all taxes owed by Ireland, but only after the company had paid back its Irish subsidiary and agreed not to engage in any new business there.