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Business

Irish cabinet decides to fight EU on Apple tax

Opening sequence

Opening sequence

Business

Irish cabinet decides to fight EU on Apple tax

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COMING UP:Irish cabinet decides to fight EU on Apple tax

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Transcript

00:00:00
>> Joining Apple on an appeal against the European Commission, Ireland's Cabinet agreeing on Friday to back the iPhone maker after the Commission's ruling that Ireland granted Apple undue tax benefits of up to 13 billion Euros. The US tech giant's CEO Tim Cook saying he's confident the ruling will be overturned.
00:00:20
And warning Ireland a quote wrong decision on their part would send a wrong message to business in a country whose economic model depends on foreign companies. Reuter's Padraic Halpin is in Dublin where the next step is to ask Parliament to endorse the appeal.>> And so for the tax payers, 13 billion euros looks like an awful lot of money, and it is in an Irish context.
00:00:42
And because Apple are going to appeal this regardless, and regardless of what happened today with the government, and that 30 billion Euros will sit in an escrow account for a number of years while this appeal is ongoing. So there will be no bonaza for the state finances. And either way, if you talk to people on the streets of Dublin, opinion is quite divided.
00:01:07
There are a lot of people who will support the government and, as was the broader principle, this an attack on Ireland's tax regime. It could undermine the very successful industrial policy for decades, which has brought over 100,000 multi-national jobs to the country. That's almost one in every ten workers.
00:01:29
>> In a study published last year, Apple was found to be holding over $181 billion in accumulated profits off shore>> More than any other US company. Cook has promised to pay the tax bill once the company repatriates its offshore profits to the US, keen to ensure that it, and not Ireland, will get the pay.