Friday, October 6, 2017

EU Retroactive Tax Demands Will Drive Money Out of Europe

The EU, an unelected body acting like a dictator, is trying to bully Apple and Amazon into paying more taxes to Europe because they were given tax advantages by Ireland and Luxembourg. So much for country free will, competition and rule of law within Europe. This would be the same as Illinois - a state in desperate need of funds, demanding Foxconn pay taxes to them because Wisconsin gave them favorable tax terms for the building of their new production facilities in Racine. As Europe gets desperate for cash, expect the retroactive crackdown on taxes to continue and the migration of companies out of the EU. This trend, an act of desperation to save socialism, will send capital from the Euro to US Dollar which the majority believes will not happen..

Headline: Amazon and Apple caught in latest EU tax crackdown

Amazon has been ordered to repay €250m (£221m; $293m) in back taxes after the European Commission said it had been given an unfair tax deal in Luxembourg.

The Commission also plans to take Ireland to court over its failure to collect €13bn of back taxes from Apple.

Amazon denied it owed any back tax, saying it did "not receive any special treatment from Luxembourg".



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