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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Real-time Estimate Quote. Real-time Estimate BATS EXCHANGE - 12/01 11:16:34 pm
122.8000 USD   +3.15%
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Apple : EU's Vestager appeals court veto of $15 billion Apple tax order

09/25/2020 | 06:56am EST
People take photos of the upcoming Apple store at the Marina Bay Sands in Singapore

EU antitrust chief Margrethe Vestager on Friday appealed a court ruling dismissing her order to iPhone maker Apple to pay 13 billion euros ($15 billion) in Irish back taxes, a landmark case in the European Commission's crackdown against sweetheart tax deals.

The Luxembourg-based General Court in July scrapped the Commission's 2016 ruling, saying that EU competition enforcers had not met the requisite legal standard to show that Apple had enjoyed an unfair advantage.

Vestager said the case was important, a sign that her drive to get multinationals pay their fair share of taxes would continue unabated.

"The General Court judgment raises important legal issues that are of relevance to the Commission in its application of State aid rules to tax planning cases," she said in a statement.

"The Commission also respectfully considers that in its judgment the General Court has made a number of errors of law," Vestager said.

She said legislation is required to close the tax loopholes and ensure transparency, in a call to EU countries to revamp rules.

Apple said the court judgment proved it has always complied with Irish laws and that the issue was more about where it should pay taxes rather than the amount.

Irish Finance Minister Paschal Donohoe said Ireland has always been clear that the correct amount of Irish tax was paid and that the country provided no state aid to Apple.

The Commission's case centred on two Irish tax rulings that it said artificially reduced Apple's tax burden for over two decades, which in 2014 was as low as 0.005%.

Vestager has three ongoing tax cases, Ikea's and Nike's deals with the Netherlands, as well as Huhtamaki's agreement with Luxembourg.

($1 = 0.8587 euros)

By Foo Yun Chee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 3.08% 122.72 Delayed Quote.58.81%
HUHTAMAKI OYJ 1.85% 42.88 Delayed Quote.1.74%
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Financials (USD)
Sales 2021 315 B - -
Net income 2021 66 259 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 30,1x
Yield 2021 0,71%
Capitalization 2 024 B 2 024 B -
EV / Sales 2021 6,17x
EV / Sales 2022 5,81x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 127,20 $
Last Close Price 119,05 $
Spread / Highest target 26,0%
Spread / Average Target 6,84%
Spread / Lowest Target -37,0%
EPS Revisions
Managers
NameTitle
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
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