Ireland GUBU on Apple Tax

Published: October 4, 2017
Categories: News Article, Euro/Finance

Ireland’s actions on Apple Tax have a GUBU ring to them.

“Ireland already has a tough battle to fight over the issue of a common consolidated corporate tax base without being caught with its pants down over the matter of failing to recover the €13bn that the European Commission have ruled is owed to Ireland by Apple.
“There are two separate issues here, first the actual ruling on illegal state aid of €13bn to Apple which Ireland is contesting in the European Court of Justice. However the second is that notwithstanding their appeal, Ireland has an obligation to collect the money and if they choose, place it in an escrow account, but they must do so within four months of the Commission ruling. The ruling was made on August 30th 2016 which means Ireland has exceeded the time limit by over 200%.
“We have nobody but ourselves to blame for this embarrassing situation which puts us on the back foot in regard to tax matters. I have no doubt it is a complicated issue but we know the determination of the Commission on this matter and we have shot ourselves in the foot by not acting more promptly. The fact that we may be fined by the European Court of Justice for not collecting money deemed to be owed to the Irish state by the European Commission has a somewhat GUBU ring to it”, Marian Harkin concluded.