Irish Finance Minister Paschal Donohoe indicated that the appeal by Ireland and Apple against the EU Commission is to be heard this autumn, with the first hearing commencing in September. The Appeal pertains to the State Aid recovery of 13 billion euros from Apple, which was decided by the Commission in 2016.
The Irish government was found by the Commission to provide illegal tax benefit of 13 billion euro to the tech giant and should recover the incentives granted. According to estimation by Irish authority, the amount to recover could reach 15 billion euros including the EU interest. Earlier this year, the tech giant and the HMRC had reached an agreement to recover £137m extra tax, and Apple is to start paying for the recovery bill since 2018 May.
The Commission indicates the wish to fully recover the amount as soon as possible, so that the EU Court of Justice could close its action against Ireland for missing the deadline in January 2017. Ireland has insisted that it has acted as fast as it could to facilitate collection of such big amount of money.
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):