Market Talk – September 29, 2023
ASIA: The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 14.90 points or -0.05% to 31,857.62 Shanghai closed Hang Seng increased 436.63 points or 2.51% [...]
EU Demands Apple Pay 13.5 billion Euros because they got a cheap deal in Ireland
QUESTION: Marty; Is the ruling that Apple has to pay 13 billion euros only going to drive American and foreign companies out of the EU?
Thank you so much for this global perspective
SK
ANSWER: Absolutely. This is not saying that Apple cheated Ireland, this is saying that Ireland gave Apple a low tax status to attract business to create jobs. This is saying had Apple gone to another EU member state, they would have paid more in tax. The EU Commission is now trying to impose taxes on anyone who paid less tax than the highest in the Eurozone. They are absolutely brain-dead. Any company should now look to actually move to and stay out of Ireland and Scotland since they want to remain inside the EU. It will be far better to simply pay tariffs than to subject yourself to their complete insanity. The EU will retroactively tax you because of changes in their current desperate needs. It is time to leave.
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