ATHENRY, Ireland (CelebrityAccess) — Apple has revealed plans to move its international music assets from a tax haven in toney Luxembourg to another tax haven in Ireland, starting next month.
Ars Technica UK reported that as of February 5, the non-US part of its iTunes Store, Apple Music, the App Store, and the iBooks Store, will operate from its European HQ in Cork. The move was detailed in a note sent to Apple developers on Thursday and obtained by Ars Technica.
The move comes after an attempt to crack down on tax havens by European Union authorities. In August, the EU ordered Ireland to collect an additional €13bn in taxes from Apple. Regulators in the EU accused Ireland of offering Apple an effective tax rate as low as 0.005 percent, which the EU claims is anticompetitive for the tax systems of its other member nations and may constitute illegal state aid, Ars Technica said.
Both Apple and Ireland have stated that they intend to challenge the EU's ruling on the tax matter.
For context, Apple distributed $9.3 billion to investors through dividends in their fourth quarter during 2016, and reported revenue between "$76 billion and $78 billion" with a gross margin of 38%.- Staff Writers