The European Commission is about to launch a formal investigation into the tax affairs of Apple and other big-name tax-avoiders, according to rumours. As well as Apple, Starbucks is also mentioned as one of the naughty multinationals that could be asked to shows its receipts and working to the EU.
The investigation is said to be focusing on arrangements companies like Apple and Google have with Ireland, which sees their UK and European earnings shuffled through Irish subsidiaries that attract substantially less tax. The EC has yet to make any official statement on the rumour, busying itself with matters concerning nuclear safety and battles over herring fishing rights today instead. [WSJ]
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