Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple    AAPL


News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

EU court to rule on legality of Belgian tax break, may affect Apple

share with twitter share with LinkedIn share with facebook
share via e-mail
02/12/2019 | 11:49am EDT
An Apple logo is seen at the entrance of an Apple Store in downtown Brussels

BRUSSELS (Reuters) - Europe's second-highest court will rule on Thursday whether a Belgian tax break which benefited some 35 large companies is illegal state aid, a judgment which could provide clues to other tax cases involving Apple, Starbucks and Fiat Chrysler.

As part of its crackdown on tax avoidance, the European Commission three years ago ordered Belgium to recover some 700 million euros ($790 million) from the group, saying the companies' "excess profit" tax plan gave them an unfair advantage vis-a-vis smaller firms.

The scheme allowed the companies to claim deductions for economies of scale, reducing their corporate tax base by 50-90 percent.

Dutch industrial company Magnetrol and Belgium subsequently challenged the Commission's decision at the Luxembourg-based General Court. The largest beneficiaries were Wabco, Cellio, BP, BASF, Atlas Copco and Belgacom.

Judges may also rule whether it qualifies as a scheme or are just individual tax rulings.

The tax avoidance drive has included orders to Ireland to recover some 13 billion euros from iPhone maker Apple and Luxembourg to claw back up to 30 million euros from Fiat Chrysler, 250 million euros from Amazon and about 120 million euros from Engie.

The Netherlands has to recover between 20-30 million euros from Starbucks.

All the major companies have challenged the EU rulings. At stake is whether the Commission is over-stretching its powers by using its state aid tool to address tax fairness concerns.

The United States has criticized the cases against U.S. companies and notably in the Apple ruling it has accused the EU of grabbing revenue intended for U.S. coffers.

The cases are T-131/16 Belgium v Commission and T-263/16 Magnetrol International v Commission.

(Reporting by Foo Yun Chee; editing by David Evans)

By Foo Yun Chee

Stocks mentioned in the article
ChangeLast1st jan.
APPLE 0.36% 203.86 Delayed Quote.29.24%
ATLAS COPCO 1.25% 282.5 Delayed Quote.34.20%
BASF SE 0.31% 74.16 Delayed Quote.22.78%
BP PLC -0.75% 567.7 Delayed Quote.14.47%
FIAT CHRYSLER AUTOMOBILES -0.34% 14.656 End-of-day quote.15.57%
STARBUCKS CORPORATION 1.25% 76.06 Delayed Quote.18.11%
WABCO HOLDINGS INC. 0.05% 133 Delayed Quote.23.91%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on APPLE
10:42aAPPLE : probably paid up to $6bn in Qualcomm settlement–UBS
09:40aAPPLE : New Apple lab uses robots to rip apart devices for recycling materials
09:22aAPPLE : New Apple lab uses robots to rip apart devices for recycling materials
04/18APPLE : expands program to recycle old iPhones
04/18APPLE : accused of fraud for hiding drop in iPhone sales
04/18BEST LAPTOP FOR DJS 2019 : The best laptops for music production
04/18IMPORTANT INVESTOR REMINDER : The Schall Law Firm Announces the Filing of a Clas..
04/18APPLE : robot can disassemble 200 iPhones per hour
04/18WATCH : Meet Daisy, the Apple robot that can disassemble 200 iPhones per hour
04/18APPLE : To Expand Recycling Programs
More news
Financials ($)
Sales 2019 255 B
EBIT 2019 62 666 M
Net income 2019 52 941 M
Finance 2019 101 B
Yield 2019 1,51%
P/E ratio 2019 17,92
P/E ratio 2020 15,92
EV / Sales 2019 3,37x
EV / Sales 2020 3,31x
Capitalization 961 B
Duration : Period :
Apple Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APPLE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 193 $
Spread / Average Target -5,1%
EPS Revisions
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
APPLE29.24%961 257
XIAOMI CORP--.--%38 999
MEITU INC--.--%1 791
DORO AB8.93%97
DIGIA OYJ2.46%88