Business & Finance
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Ireland should act to recover up to €13 billion from Apple in back taxes, the European Commission has ruled. After a three-year long investigation, it has concluded that the US firm’s tax benefits are illegal.
The commission concluded that Apple received “illegal state aid” from Ireland — essentially a sweetheart deal that allowed the computer maker to unfairly reduce its tax bill in a way not available to other companies, according to the report.
The Commission said this enabled it to pay substantially less tax than other businesses, in effect paying a corporate tax rate of 1%. Both Apple and the Irish government are likely to appeal against the Commission’s ruling.
The latest survey by IMSEE has revealed that the business climate continued to weaken in July, though retail trade and the auto commerce and repair sectors saw slight improvements.
AS Monaco’s Vice-President and CEO has been elected as the newest Board of Directors Member for the League of Football Professionals.
Barclays announced on Tuesday that it has appointed Gérald Mathieu as Head of Private Bank Europe, Monaco and Switzerland, with immediate effect.
The Cabinet of President Stéphane Valeri is now composed of a completely female team for the first time in National Council history.