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