The Internal Revenue Service has gone to court to sue Facebook, claiming the social media giant owes in excess of $9 billion in taxes by selling its intellectual property to a subsidiary in Ireland — a transaction the IRS believes Facebook severely undervalued.
Changes need to be made to corporate tax systems around the world to make it fairer, Apple CEO Tim Cook urged while backing calls for a global reform of rules dictating how multinational companies pay taxes on profits.
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The Organisation for Economic Cooperation and Development aims to overhaul worldwide tax laws that it says are no longer suitable in an age of multinational businesses such as Apple, Facebook and Google.
Apple is due to head to the European Union General Court over its tax affairs this week, with the iPhone maker set to commence arguments on Tuesday to reverse a ruling by the European Commission that caused it to pay Ireland 13 billion euros ($14.4 billion) in back taxes.
The battle between Apple and the European Commission over the iPhone maker's tax affairs with Ireland will be heading to court in September, with the legal challenge set to determine whether Apple will be paid back any of its 13 billion ($14.4 billion) back tax payment.
Through its own staff, those of suppliers and developers, Apple has grown to support 2.4 million jobs across all 50 states. It's an increase of four times since 2011, and sees the company contributing $60 billion to the economy annually.
The French government has approved proposals for a tax on digital services, one that affects Apple and other major tech companies, despite concern the measure is unfairly targeting US-based companies in a bid to claw back tax revenue.
President Donald Trump is planning to launch a probe into France's intent to implement a digital tax initiative targeting large internet companies, an investigation that could lead to tariffs or trade restrictions.
Ireland's investment of escrowed back taxes paid by Apple on the orders of the European Commission are not performing as well as they could be, with a report claiming the fund declined in value by 16 million euros last year.
The coalition of countries known as the G20 will be working to make tech companies like Apple and Google pay a fairer amount of tax, after agreeing there is a need to implement new tax rules to prevent major organizations from working around existing laws to pay as little tax as possible.