UK: Downing Street says tech giant ‘welcome’ to come to UK after EU apple decision
Britain could cut corporation tax to attract major international companies under plans being considered by Theresa May after Apple was hit with a record tax bill by Brussels.
Downing Street said it would “welcome” Apple to the UK after the European Commission took the extraordinary step of hitting the company with an £11billion fine.
In a damning report published on Tuesday, the commission found that a deal with Ireland meant the technology giant paid as little as 0.005 per cent tax on its European profits for more than a decade.
The current rate of corporation tax in Ireland is 12.5 per cent. Tim Cook, Apple’s chief executive, accused the European Union of trying to re-write history and said that the decision represents a “devastating blow to the sovereignty of EU member states”.
He said that the decision will have a “profound and harmful effect” on investment and jobs in the European Union.
Ministers told The Daily Telegraph that the European Commission’s decision could represent a significant “opportunity” for Britain as it seeks to attract business after leaving the EU.
Full Content: Telegraph
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