EC’s $15B tax penalty on Apple has Ireland, US companies nervous

On August 30th, the European Commission decided Ireland’s corporate tax structure for Apple was illegal. Apple’s tax benefits allowed it to pay less than one percent a year in tax in 2003 and 0.005 percent in 2014. Apple said it abided by all laws, but the E.C. says the tax structure amounts to a subsidy and has ordered Apple to pay $15 billion in back taxes.

Apple may be the poster child for such accounting practices, but many other U.S. firms are structured the same way.

CCTV America’s Karina Huber reports