EU's "Fair Taxation" Ruling and Its Impact on Global Big Tech
On September 10th, the European Union's highest court imposed a fine of 13 billion euros (approximately 19 trillion won) on Apple regarding Ireland's corporate tax benefits. On September 10th, the European Union's highest court imposed a fine of 13 billion euros (approximately 19 trillion won) on Apple regarding Ireland's corporate tax benefits. This ruling highlights the issue of "tax avoidance" by big tech companies distorting fair competition. This blog explores the implications of the ruling and how it might affect big tech firms, including those operating in South Korea. On September 10th, the European Union's highest court ruled that Apple must pay a fine of 13 billion euros (around 19 trillion won) due to Ireland's corporate tax benefits. This decision was based on the argument that big tech companies' tax avoidance practices distort fair competition. Apple had used a method of funneling profits through subsidiaries and grand-subsidiaries i...