Apple, the US threats do not scare the EU. Lew: “Combating tax avoidance” – The Republic

MILAN – The day after the big fine from 13 billion euro against Apple for the illegal tax agreement closely with Ireland, the European Commission officials hide behind the classic “no comment “. While in Dublin it met the government to decide the time and manner of any appeal against the decision of Brussels. From the United States, meanwhile, returns to speak Treasury Secretary, Jack Lew, on the one hand concerned about the European activism against American companies, the other urging the US Congress to take action on the tax system.

All ‘ agenda of the Irish government’s meeting is the desire to appeal against Brussels, but the timing of the action announced by the Minister of Finance, Michael Noonan, but could slip to allow a thorough discussion “of the anxieties and concerns” of some components of the team. In particular, according to local media, some doubts about the choice of immediately raising the legal standard the tone of confrontation with the EU has been expressed by some “independent ministers.”

Since the EU Commission offices, instead , everything’s quiet. A choice certainly not dictated by concerns about the reactions of Dublin or the Americans, but because – they say European sources – has already been the same Competition Commissioner, Margrethe Vestager, saying not to fear setbacks for investment in Europe. “When I see the work they are doing my colleagues Katainen for Juncker and Bienkowska Plan for the internal market, are not concerned” about the future of investment in Europe, he has already warned yesterday Vestager, recalling the action similar to her the distant predecessor Mario Monti. Despite his maxi-fine to Microsoft, there was no impact on investment ‘hi-tech’ in the EU. And as for the clash with the US, he added the Commissioner, with their “we share the same approach of OECD and G20 in the fight against tax evasion and the same values ​​of fair taxation to citizens”, adding despite allegations of Treasury American, had not changed “no rule.”

However, the US Treasury Secretary, Jack Lew, returning to talk about the case Apple has wanted to emphasize that the main EU actions seem concentrated on companies American. Washington fears that Brussels uses the theory of state aid to the rules on fees and believe that the EU’s approach jeopardizes the European fiscal framework. Also why Lew asks Congress to act to address the crux of the tax reform stating that America shares with the EU’s commitment to close tax loopholes for circumvention.

Meanwhile, in his latest publishing the New York Times is not sparing Cupertino. “Apple has started an aggressive tax planning for at least a decade, which led her to hide $ 100 billion in Ireland, earned without paying taxes anywhere in the world, as evidenced by an investigation by the US Senate . With an excess of arrogance, the company believed that its magheggi into a full-blown tax haven like Ireland were never considered illegal, although the European Union had already taken action against other companies such as Amazon, Fiat and BASF. “

According to the newspaper, the United States, however, were wrong because instead of wasting time to decide how much and how to tax the capital of US companies abroad would have to act quickly, at least before the intervention of the ‘ European Union. Now attack Europe does not make sense, rather it is a battle behind the lines. It would be better that Democrats and Republicans could agree on how to attack the 2.1 trillion US dollars parked abroad. The same opinion, the Financial Times, pointing the finger at Apple: the European sanction was “a boon”, in the US the company would have shelled out more than they asked from Brussels.

Deutsche Bank, most mergers to save the EU banks – Milano Finanza

In Europe, serving more mergers in the banking sector, at the national level and even beyond national borders. This was repeated the CEO of Deutsche Bank , John Cryan, who took stock of the situation during a conference in Frankfurt. The ad accused, in particular, Germany has too many banks, especially small, and with margins too low, so even need aggregations across national boundaries “because only in this way we can be profitable in the long term and competitive international level, “he explained.

Cryan pointed out that in Europe today the banks are less risky than the pre-financial crisis period, but also” much less profitable. ” It serves so that the central banks to implement measures to counter the negative effects of lower interest rates. “It ‘true that European banks are locked in a fundamental dilemma,” he said, calling on the banks of the Old Continent to cut costs and improve technological levels. However, for the number one Deutsche Bank greater efficiency will not be enough to support the banking system, or to allow it to compete abroad.

in the meantime, because of the difficult situation that is going through the same Deutsche Bank have decided to explore options previously unthinkable just like that of a possible merger. And ‘what the German press writes, explaining that the first German private bank would open in early August a series of contacts with Commerzbank , institute partially nationalized during the financial crisis (15% of the capital is publicly owned), with a view of a possible merger.

the assessments would be in a very early stage and, because of the difficulty of the operation, would be decided “pause for thought” in late August. According to reports, the contacts would take place at the highest level with the involvement of the finance director, Marcus Schenk, and the CEO, Cryan, in coordination with the Chairman of the Deutsche Bank , Paul Achleitner.

In fact, according to Handelsblatt there have been contacts between the two banks, but the conclusion for now has been that the time is not yet ripe for such a step. The two banks would thus decided to put first things right in your own home. Already in 2015, he recalled Bild, the then CEO of Commerzbank , Martin Blessing, would make a series of analyzes to examine possible variants of a merger.

the actions of both institutions have reacted with strong gains at the Frankfurt Stock Exchange with Commerzbank , up by 4.09% to 6.34 EUR and Deutsche Bank an increase of 3.03% to EUR 13.27. Cryan has however already responded to the rumors, stating, always during the conference in Frankfurt, Deutsche Bank is not looking for partners on the German market. However, he admitted that he had met with a number Commerzbank , Martin Zielke, who said he” appreciated. “

Work, after four months decreases the number of employed. Unemployment down to 11.4% – The Messenger

In July the busy back to decline compared to June (-63 thousand), interrupting the positive trend recorded in the previous 4 months . The notes Istat stressing however that, compared to the same month of 2015, there are 266,000 employees in more (+ 1.2%). The decline on a monthly basis is attributable to both men to a greater extent to women and regards the self-employed (-68 thousand), while remaining essentially unchanged employees.

In July, it reduces participation in the labor market, ie drop employed and unemployed, while increasing the inactive, people who do not work and do not seek it. Istat announced that the inactive between 15 and 64 years increased in a month by 0.4% (+53 thousand), after the fall recorded in the previous four months. Compared to the level of July 2015, however, the inactive are 407,000 less.

Unemployment fell to 11.4% in July, 0.1% percentage points less than in June. The youth unemployment rate – between 15 and 24 years of age – however, rose to 39.2%, two percentage points more than in June. The employment rate recorded in July fell by 0.1% percentage points to 57.3%.

 

 31/08/2016 10:43:46

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Work, Istat: in July the unemployment rate drops to 11.4%, but increases among young people – Il Sole 24 Ore

In July, the unemployment rate has fallen a total of 11.4%, down 0.1 percentage points from June but at the same time decreases the number of employed. This was communicated by Istat stating that, after the increase recorded in June (+ 1.3%), the monthly estimate of the unemployed in July drops by 1.3% (-39 thousand). The decline affects both men (-1.4%) and women (- 2%) and all age groups except 15-24 (+23 thousand) and the 25-34 year olds (+38 thousand). However, the decrease is at least partly due to the increase of inactive, that is, people who give up looking for a job.

oN UNEMPLOYMENT RATE
seasonally adjusted data,% values ​​(source: Istat)

occupancy rate drops to 57.3%
the employment rate continues to Istat, in fact it dropped 0.1 percentage points in July to 57.3% from the previous month. The statistical office said that the estimate of employed falls by 0.3% compared to June (-63 thousand), interrupting the positive trend recorded in the previous four months (+ 0.4% in March, up 0.5 % in April, up 0.2% in May and June). The decline is attributable to both men to a greater extent to women and respect the independent (-68 thousand), while employees remain substantially unchanged. Employed fall in the age groups up to 49 years while increasing among those over 50.

THE EMPLOYMENT RATE
data seasonally adjusted,% values ​​(source: Istat)

Meeting youth unemployment
though salt the rate of youth unemployment in July: the unemployment rate of the aged 15-24, that is, the share of young unemployed on the total of the active ones (employed and unemployed), is 39.2%, an increase of 2 percentage points from the previous month. This was announced by the Mayor, adding that the calculation of the unemployment rate are by definition excluded young people inactive, ie those who are not employed and not looking for work, in most cases because they were engaged in studies.

THE YOUTH UNEMPLOYMENT RATE
seasonally adjusted data,% values ​​(source: Istat)

The percentage of unemployed young people between 15 and 24 of all young people of the same age group is 10.4% (that is, little more than a young man of 10 is unemployed). This incidence has increased by 0.4 percentage points compared with June. The employment rate fell by 0.7 percentage points, while that of inactivity increases of 0.3 points.

Istat: first drop in employment from 4 months. Weigh collaborators and games Iva

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Inflation: estimated +0.2 % in August, the trend stopped at -0.1%
the Mayor also announced that in August, according to preliminary estimates, the national consumer price index for the whole nation (NIC), gross of tobacco, registered an increase of 0.2% on a monthly basis and a decrease of 0.1% on an annual basis registering the same trend rate in July. The continuation of the deflationary phase, explains the statistical office, is the synthesis of price dynamics in the opposite direction which are netted. While, in fact, weakens the downward trend of the prices of non-regulated Energy (-7.0%, from -8.0% in July) and accelerates the growth of those of unprocessed Food (+ 2.4% , was + 1.5% the previous month), on the other the prices of services related to communications recorded a trend reversal (-1.4%, was up 0.4% in July), and resets the growth of those related to transport services (was + 0.7% the previous month). Prices of high-frequency products purchase did not vary in economic terms and record, in trend terms, an increase of + 0.1% (it was -0.1% in July).

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Apple, the paradox of Ireland: an appeal against the EU for non-cash in 13 billion – Il Sole 24 Ore

The Irish Government intends to appeal against the judgment of the European Commission, which has ordered Apple to pay 13 billion (plus interest) in back taxes to Dublin from Brussels and treated as state aid. “I deeply disagree with the decision- said the Irish Finance Minister, Michael Noonan, speaking of the field in the prerogatives of the Member States tax invasion -. I just have to ask the Council of Ministers’ approval to take action before the European Court of Justice. “

The paradox
may seem paradoxical in front revenue, for the Irish exchequer, would amount to the health budget for an entire year. However – besides the fact that they would not “expendable” resources in the electorate but, according to the European rules, they should go to break down the national debt – must consider the future repercussions for the attractiveness of Dublin, real magnet for multinationals (especially American), pushed to settle in the Irish capital primarily from favorable tax regime.

The EU: Apple should pay 13 billion for illegal tax benefits in Ireland. Cook: negative effects on investments and employment

The only Apple employs 5,500 people in Ireland, one in five people in the country working in a multinational company. The contribution of these investments was crucial to the island’s recovery from a severe economic and financial crisis that has forced, in 2010, to ask for a plan of international aid from 67.5 billion.

The charge
The indictment against Dublin and Apple covers two “tax ruling” of 1991 and 2007, tax agreements relating to taxable profits of two Irish company belonging to the group (Apple sales International and Apple Operations Europe) which had formed part of all profits from sales in Europe of the multinational. Thanks to the tax ruling, only a small portion of those profits was taxed with already favorable Irish corporate tax (12.5%); Almost all, however, it was attributed to a “headquarters” that had no real office or employees and whose activities consisted exclusively in occasional (and short: no more than 20 minutes) meeting of the board. By virtue of specific provisions of the Irish tax law, now no longer in force, the profits attributed to headquarters were therefore not subject to tax in any country. In this way the multinational Cupertino, according to the Commission, paid on the profits of Apple Sales International only an effective rate of corporation tax from 1% that of 2003 has gradually dropped to 0.005% in 2014.

SCHEME TARGETS BRUSSELS
The mechanism to reduce the taxes paid by Apple (source: EU Commission)

the consequences for Dublin
the timing of the appeal will not be short, they speak of years. But if in the end the Commission’s argument were to prevail, Dublin would be obliged to collect the arrears, otherwise an infringement procedure for state aid that could culminate in a penalty.

The political fallout could, however, be much more immediate and create tension on whether to lodge an appeal with the independent Alliance, partner of the minority government led by Fine Gael.

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Apple, EU tile 13 billion. And the White House raises the barricades – The Messenger

BRUSSELS
It is a record that yesterday the European Commission has complained to Apple for unlawful State aid: 13 billion plus interest for having benefited from a favorable legal treatment in the course of 11 years, due to an administrative decision Ireland that has allowed the US giant to pay also 0.005% tax on profits in Europe and elsewhere. “It is not a fine: they do not pay taxes that must be paid,” said Competition Commissioner, Margrethe Vestager, presenting a decision which has raised strong reactions in Dublin, Washington and Cupertino. The Irish Government and Apple have announced their intention to appeal against the European Antitrust.

The White House said it was “concerned about the unilateral approach.” According to the US Treasury, “the Commission’s actions threaten to undermine foreign investment, the business climate in Europe and the important spirit of economic cooperation between the US and EU”.

REACTIONS
 The CEO of Apple, Tim Cook, wrote a letter, stressing that the decision “will have profoundly negative effects on investment and the creation of jobs in Europe.” With a paradox: “We are ordered to retroactively pay additional taxes to a government that says that we do not have anything more than we already paid for,” said the successor to Steve Jobs. The Apple of the Commission’s decision is yet another in a long line on the tax benefits granted by some Member States (Luxembourg, the Netherlands and Belgium) to the multinationals through tax ruling (the administrative decisions which predetermine the amount of taxes that a company is required to pay, ed). But so far the amount of illegal aid claimed to companies like Amazon, Starbucks and Fiat was limited to a few tens or hundreds of millions. The 13 billion claimed Apple is an absolute record in the decisions on State aid, well beyond the 1.4 billion that the French electricity giant EDF has had to return to France last year. And ” a clear signal, “said Vestager: ‘Member States may not grant unfair tax advantages to selected companies, whether European or foreign, whether small or large,” said Vestager, noting that in 2014 Apple has paid just 50 euro for each million EUR of profit.

the investigation focused on two of Apple recorded in Ireland – Apple Sales International and Apple Operations Europe companies which had concluded two tax ruling with the authorities of Dublin to determine the taxable profits. Much of the profits were charged to the “headquarters” that existed only on paper: there were not “employees and offices and the activity was sporadic,” he insisted Vestager. By contrast, the Irish subsidiary that carried out the actual sales operations throughout Europe, the Middle East, Africa and India recorded very few profits, taxed on the basis of very low Irish tax rate (12.5%). In 2011 to 16 billion in profits made by Apple Sale International, less than 50 million have been attributed to its Irish subsidiary, while “the rest was not taxed,” said Vestager.

PROCEDURES
 Before ending up in the coffers of the Irish government, 13 billion should end in a blocked account pending the outcome of proceedings before the European Court of Justice in a process that could take longer than five years. The figure could be reduced if other countries were to impose Apple to pay more taxes on gains registered by the multinational. In his letter, Cook has accused the Commission of having dealt “a devastating blow to the sovereignty of the Member States on tax issues and the principle of legal certainty in Europe.”
 

Brussels and the suicidal madness of the superstate that there is – the Journal

There is really a lot of disproportionate fines in the EU, after three years of investigation, imposed at Apple, not sufficiently taxed by Ireland and then regarded as the recipient of a State aid: in contravention of Community rules. And to be disproportionate is not just the amount that the US giant will now have to pay to Dublin, but also the claim that lies behind the constant policy of the Eurocrats. The pattern is clear: step by step, you want to manage the old continent as a single state, even if it is not such and it is good that it is not. It is precisely this absurd project that connects this incident to many others: the historical battle fought by the then Commissioner Mario Monti against Microsoft, but also to the agreements disputes between Ryanair and various local authorities, hostility to the attractions policies adopted by the Luxembourg , the constant pressure made about Switzerland, and so on.

the super-fine against Apple speaks volumes about the EU approach, which in the European economy burdened by taxes is targeting this or that member State not when he already too high withdrawals (as in Italy), when in fact tries to keep low the rates and attract investment. In Europe, in short, or you have a tax that destroys businesses and inhibit capital, or end up in the crosshairs of the Commission. The reason is that the political classes of the major countries, unable to reform its public finances, malsopportano competition of who is able to offer better conditions in capital and enterprises.

The issue of state aid , with its reference to the principle of universality (according to which no one should receive privileged treatment), is then smile in front of the observation that those who point the finger constantly launches discretionary policies. Neither the Eurocrats have never really moved to prevent, in Italy, the funding of RAI or to eliminate once and for all the special conditions reserved for public monopolies, as the Italian Post Office to state railways.

To come this war against the low Irish tax on Apple involves the rejection of evidence: the fact that a country historically plagued by famine and emigration has managed to establish itself as a successful model (with higher incomes than the Italians). In Brussels they have always hindered the tax strategies of Dublin, who created free zones to attract investments. The wise Irish policies were never appreciated from Europe, because the tartassatori not like this idea of ​​a power that restricts their space, containing expenditure and revenue.

There is to add that this dispute with the US economy takes place just at the moment where the Union has largely lost the Russian market, as a result of economic sanctions that the Ukrainian crisis. So, after the bankruptcy decreed by French and German of the free trade treaty with the US, there is a risk that further restrict the interconnection between Europe and North America. With repercussions that would be painful: in terms of jobs.

It should be remembered that, taking all the time he needs to make things right, the UK is about to leave the Union . Derail the TTIP and strike can only facilitate in some points of view just the British, who soon will be in, and who can not wait to open up as much as possible to the market condition of Switzerland or Norway and Ireland in this way Apple North American.

it is understandable that the small Italian entrepreneur, oppressed by taxes that sometimes take away 80% of your income, may rejoice in the face of this blow against the multinational. But we must be aware that an injustice universalized is no less unjust and that the Irish miracle was based on exemptions that were later extended to all, and promoted the development. Europe does not understand and goes the other way, but we are sure that is working the best?

Ireland must recover 13 billion Apple: questions and answers – The Republic

The European Commission imposed a fine to Apple?
No. Brussels is aimed at member countries, which bans – under the regulations on state aid – to offer favorable tax conditions for some companies, which would distort competition. In the proceedings on the Apple tax treatment, therefore, we are screened agreements that the company has signed with the Irish tax authorities (in 1991, then revised in 2007). After the investigation, the Commission concluded that it is illegal fiscal aid that allowed Apple to see themselves better treatment of other companies.

Why agreements were irregular?
because it considerably, but contrived, lowered taxes owed by Apple to Ireland. In “tax ruling” (ie agreements between the company and the tax authorities which are in themselves legal), Ireland has effectively cleared through customs, the Apple tax planning scheme, based on the two subsidiaries in Ireland Apple Sales International and Apple Operations Europe, which however, he did not correspond to the economic reality of the group. The Commission insists on the discrepancy between their fiscal architecture of the group and its justification “factual” or “economic”. In a nutshell, the profits were not recorded when they produced, under Irish tax regime no longer in force. In the end, the tax rate on Apple fell 1% in 2003 to 0.005% in 2014. On average, the Irish tax rate is 12.5%.

How did it work Apple’s tax structure in Europe?
the Commission considers that the treatment popped in Ireland has allowed Apple to avoid taxation on almost all the profits from the sale of Apple products in the single European market. Apple Sales International and Apple Operations Europe are two Irish companies owned 100% by the Apple group, headed by the American Apple Inc. They have the rights to use the intellectual property of Apple and for sale the products of Apple outside the Americas, with a “cost-sharing” agreement with Apple Inc. Apple Sales International and Apple Operations Europe pay every year to the US companies an amount to cover the costs of research and development undertaken for the benefit of society Irish. These charges, especially against Apple Sales International, are deducted from the profits recorded each year in Ireland. The tax on the remaining profits is based on the ruling of the ’91 and 2007, which remained in force until the restructuring of the corporate structure of 2015. Apple Sales International is the company that sells the products formally outside America: the proceeds from a shop in Rome or Berlin, they go to her. But these profits, thanks to the agreements, were allocated to the Head fictitious office and only minimally remained the Irish subsidiary. Thus, only a small percentage was taxed in Ireland and the rest escaped. In 2011, for example, Apple Sales International has recorded 16 billion in profits, but only 50 million were considered taxable in Ireland. That year, paid in Dublin taxes were limited to 10 million (source: US Senate). Apple Operations Europe also responsible for the implementation of some computer lines, had a similar pattern.

What is required to Ireland?
EU rules on State aid State requires that – where it registers unlawful aid – is recovered to “remove the distosione created the competition.” No fines or penalties of interested companies, “but simply re-establishes fair treatment compared to other companies”, detailing Brussels. To calculate how much Ireland has to recover, the committee moved the profits allocated to the “head office” of Apple Sales International and Apple Operations Europe to Irish subsidiaries, applying the tax on viable businesses normally on this amount. The request may be retroactive up to 10 years from the beginning of the investigation: the first request for information had arrived in 2013, and Brussels asks Ireland to recover what has not been collected since 2003. Of the 13 billion, only 50 million relate to Apple Operations Europe and the rest of Apple Sales International. This period ends in 2014, since the year after it changed the structure of the group and the tax ruling in 2007 has fallen. The overall figure will be reduced if other countries require it to pay more taxes on profits earned by Apple Sales International and Apple Operations Europe in the period considered: it may do if, based on the information that emerged from the survey carried out by the Commission itself, they considered that the risks commercial, sales and other Apple activities have taken place in their jurisdictions,. In the light of the action already announced by Ireland, the state should still pursue recovery and to leave the amounts deposited pending the decision of the EU court.

Are there other similar cases?
the Commission has raised the level of attention on the tax ruling from June 2013. in October of 2015 concluded that Luxembourg and Ireland have provided selective advantages to Fiat Finance and Trade (subsidiary of Fca) and Starbucks and has therefore asked the Authority to recover 20-30 million by the companies taxes. Last January, found that Belgium has treated favorably at least 35 mainly European multinationals, violating again the rules on state aid. Other surveys Luxembourg are going with regard to relationships with Amazon and McDonald’s. In October 2015 it was reached political agreement because the European states to exchange information on tax arrangements.

Apple, one that does not say Cook and his signature on agreements – The Republic

MILAN – It rails against Europe, just consider the taxes paid (or unpaid) in Ireland and the few who still paid In the USA. It recognizes that the mind of the group with his inventions is that here in California and who benefits and any tax levies. Tim Cook relies on a letter all his disappointment with the EU asks 13 billion in back taxes. It advances the credit for what Apple has done in Europe and in Ireland. Speaks in general of the group, the Irish and European subsidiaries, employees who work in Cork, but forgets to mention two Irish companies, Apple Operations International (Aoi) who brokered for Apple Inc sales in America and Apple Sales International (ASI), which handled the sale of the products in Europe, Middle East, Africa, India, Asia and the Pacific. And are the Americans themselves (mind you not the European Commissioners) in the survey report of the Permanent subcommitte on investigation (PSI) of the US Senate, entitled “Offshore Profit Shifting and the Us tax code”, dated May 21, 2013 to denounce what are the Aoi and Asi.
It ‘s true, as claimed by Cook in his letter, that Apple has opened up several companies in Ireland and in different historical periods has also created jobs. The Irish companies were incorporated in the Eighties and initially were really the headquarters of the group’s production. But what Cook does not say is that as a result of the crisis of the nineties, Apple has moved production to China, while maintaining the same corporate structure to take advantage of the related tax benefits. It is no coincidence that Cook did not even speak of Aoi, for example, the holding company that owns many foreign affiliates of the group and through which pass all receipts Use: Built-branch under the Irish legislation in 1980 , while sharing the same address in Cork of many other companies in the group, has not here or anywhere else in Ireland no physical presence.

Furthermore, the Aoi since its landing in Ireland, more than 30 years ago “does not never had no employees, “write the investigators Use citing the interrogation of one of its directors Cathy Kearney (occurred on April 19, 2013). At the time of the survey, the Aoi was staffed by two employees, both of California’s Apple Inc, Gene Levoff and Gary Wipfler, who lived in California, and covered the same role as directors for countless other companies of the group, and an Irish, Cathy Kearney fact, however, assumed by another company of the Apple (the Adi with the vice president of qualifying for European operations).
meetings of the Board of Aoi have always been held in the United States: ” of the 33 meetings held – the report says – between the years 2006 and 2012, as many as 32 were made at Cupertino and Kearney has participated in only 7 of these, 6 of which intervened by phone. ” Apple itself has stated that for Aoi did not exist or personal bank accounts in Ireland. Yet Aoi, by admission of Apple, received between 2009 and 2012, 29.9 billion dollars in dividends from the foreign network of the operating companies of Apple.
The US Senate report ( on page 23) reveals using the same Apple statements, as they are misleading the words of Cook: “the Apple explained that, although Aoi is incorporated in Ireland since 1980, has never declared to be resident in Ireland or in any other country, so that he never paid no tax of any national government in the last five years “. The company has been able to do this because in Ireland has declared that it was a company under control of an Irish mother company and the US said instead of not being a company incorporated under US law. In the same
condition of Aoi, no tax residence and no employees, there was also the Apple Sales International (ASI), the management of which has been active in the same Tim Cook, signing a cost-sharing agreement with Apple Inc. So if you true that by 60 employees of Cork in the 80′s it has come to 6 thousand people in Ireland, why not talk then of what job they have done the Irish Aoi and Asi and their weight in terms of personnel? An obscure work but brought into the spotlight by the Commission of the Senate she, like the EU, to the hunting of money escaped from Apple. Today, thanks to aggressive tax planning, in the group’s coffers are nearly $ 230 billion, many of them in offshore safes. And before which pales the request for 13 billion euro from the European Commission.

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Government expects positive growth in the second quarter – The Republic

Rome, August 30 – The data on the turnover of the services in the second quarter, released today by ISTAT, and ‘encouraging and promising for the same period of positive economic growth, not zero growth. The sources said the Ministry of Economy explained that the final result of the second quarter GDP in 2016 will be ‘announced by ISTAT Friday’ September 2, at the dissemination of quarterly economic data. Meanwhile, there’s signs of recovery for the trade in the middle ‘year, although consumption still affect too little. Istat noted that in June retail sales recorded an economic growth of 0.2% and an upward trend of 0.8%, reversing the ugly trend in May, where they recorded a -1.3% annual and + 0.3% monthly. Are sales of non-food products in the Lead with a + 1% and + 0.4% trend economic, against -0.1% monthly food. Coldiretti sums up, in his commentary to Istat, the situation: ‘It’s only small food shops to make record a drop in sales’, while ‘to grow significantly are the discount stores, an increase of 1.3%’ and ‘the food retail sales increased by 0.3% compared to last year’. More ‘pessimistic consumer groups. Federconsumatori and Adusbef consider that on June sales ‘a figure still far from reality’. According to our surveys and complaints I receive daily consumption is complete stop ‘. ‘The sales figures confirm once stagnant situation regarding domestic demand, with values ​​that alternate month after month around zero’, said Giovanni Cobolli Gigli, president of Federdistribuzione. Codacons also sees black and considers ‘the growth of retail sales in June gave a totally inadequate and well below expectations, especially considering that 2016 was to be the year of the re-start of consumption’. The National Consumers Union, admits that the ‘data improved compared with May, but it’ s too early to talk of a turnaround ‘. Food sales in volume – note the associazione- are still firm on an annual basis, while even go down on a monthly basis, both in value and in volume (-0.1%). Hypermarkets still mark a reduction in sales to June 2015 (-0.3%). .

( 30 August 2016 )

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Apple’s case, a letter from Tim Cook: “The Commission shall make risk investment” – The Republic

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Ue of Apple: illegal tax benefits in Ireland, Dublin recoveries 13 billion | Use: at-risk foreign investment – TGCOM

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Apple, the European antitrust: “illegal agreement with Ireland. Return 13 billion euro” – Rai News

Under the legislation on state aid, the EU antitrust considers illegal the Apple-Irish agreements. Cupertino will have to return 13 billion euro in unpaid taxes. The serviizo Celia Guimaraes

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30 August 2016 Apple will have to return a record 13 billion euro in unpaid taxes. This is because the tax agreement signed by the company of Cupertino with Ireland was deemed illegal, according to the rules on state aid. This was established by the European Antitrust Authority, which now wants to return to Ireland the amounts relating to tax benefits from 2003 to 2014, plus interest. In fact, with the preferential agreement Ireland has allowed Apple to just pay 1% tax on profits in the first year and below this threshold in subsequent years.

It was a situation was created ” that did not correspond to reality, “said EU Commissioner for Competition, Margrethe Vestager. The taxable profits concerned two Irish companies Apple Group, namely Apple Sales International and Apple Operations Europe. “Almost all sales profits recorded by the two companies were attributed to ‘headquarters’, but the Commission has shown that such ‘headquarters’ existed only on paper,” said Vestager. “The United States can not achieve tax benefits to companies selected, this is contrary to EU rules,” said EU Commissioner, stressing that the sum claimed to Apple “is not a fine, it’s unpaid taxes that must be paid “.

Immediate reaction of the Irish Finance Minister Michael Noonan, who has declared himself in profound disagreement with the Commission. Taxation takes place within legal limits, he said, in announcing the appeal. Apple also will appeal against the decision of the European Commission. And while fears repercussions on employment. The ruling says Cupertino, will have adverse effects on investment and jobs in Europe. “We are confident that the decision will be overturned,” it said in a statement.

Friendly Fire
Cyclone taxes that hit on Apple begins at his home in May 2013. the investigation of the US Senate, which assumes “tax strategies to try ‘Holy Grail’ avoidance ‘and the creation of special divisions in Ireland, a ploy to avoid paying taxes. While not being accused of illegal actions, Apple is the subject of harsh criticism from the US Congress, who suspects the use of “tax alchemy” and “” shell companies to avoid paying taxes in the United States. Cupertino reply point by point, with CEO Tim Cook who, called to testify before the Senate permanent Subcommittee investigation, said: “We are a company with principles and values. And we pay taxes owed, every dollar. “
Apple – according to a Senate report – in four years has ‘saved’ at least $ 44 billion of taxes on offshore income, subtracting – by divisions created in Ireland – about 74 billion dollars of taxable income of reach by the Internal revenue Service (IRS), the agency of the American revenue.
the divisions, the report said, they are managed by some top Cupertino managers and therefore did not tax resident anywhere. Apple Operations International, is the complaint, did not submit any tax return in any country between 2009 and 2012, despite an income of $ 30 billion over the same period .
Apple Sales International, other division without tax residence, he paid virtually zero taxes on 74 billion dollars of income between 2009 to 2012, with only 11 million paid in 2011 to 22 billion dollars in profits.

the hearings, chaired by senators John McCain and Carl Levin, have shown that the two branches of Apple in Ireland had paid taxes to 2% or even less on profits over many years. The taxable corporation, according to Irish law, is 12.5%.

In 2014, the European Commission announces that it is to kick off a formal investigation into the Apple tax system Ireland, the Netherlands and Fiat Starbucks and Amazon in Luxembourg, but actually the preliminary investigation on the Apple tax issues in Ireland dating back to the previous year. According to expert assessments, the legal battle between Apple and the European Union will go on for many more years.

Pension reform: reducing the 14th is the idea of ​​Boeri – Investing Today

In a recent interview released to Sole24Ore, the president of INPS Tito Boeri spoke to 360 of the new pension reform, with special emphasis on increasing the minimum pensions and the 14th bonus.

according to Boeri, in fact, in 7 cases out of 10 the quattordicesiman bonus goes to people who are not poor, and for this reason, the payment of bonuses should be reviewed and limited.

the Boeri ideas on pension reform

the president of INPS also explained, in his opinion, the bee will end up creating additional pension debt: allow workers greater flexibility in output, in the past, has always increased the debt. Even with the Bee, and the related tax bonus provided, it will end, according to Boeri, to create additional debt. Precisely for this reason Boeri states that the categories that grant the tax bonus should be chosen with great care as if it was granted only to those who have very low household income would become a sort of minimum income. In this case, the bonus could be regarded as the first piece of the SIA that the government has expressed a wish to implement.

As for the low pensions Boeri states that “If you really want to help poor pensioners, good to look to their household income, not just individual retirement income, as does the 14th that, for this reason, in 7 cases out of 10 goes to people who are not poor. The problem is that the husband or wife of the recipient of a rich annuity can access the fourteenth their income does not exceed one and half times the minimum treatment.. “

According to Boeri, in this case, is better to focus the increase of social bonuses that are paid out according to the set of family income or even select beneficiaries using the ISEE.

Boeri states that “in the last 10 years, the average income of employees remained at the stake, while the number of pensioners has grown. The distance between the incomes of pensioners and workers is so strongly reduced: today those on board has an average income of more than 80% of the income of those who work; this ratio was less than 70% ten years ago. A country that is struggling to grow is right to promote these continuous redistribution towards those who do not work? If there are resources to reduce taxes, maybe better to do it for all, pensioners and workers. I think certainly the wrong message to cut taxes only for pensioners.. “

consumer confidence and declining business in August – Italiafruit News

     Tuesday, August 30, 2016
 

     
 

     It worsens the confidence of consumers and businesses in August. As reported by the ‘ Ansa , the climate Istat index of consumer confidence rose from 111.2 in July to 109.2, and the composite index of business confidence Iesi climate falls from 103 to 99.4 in the first survey after the attacks of Nice. For businesses, the falls climate in all sectors and, for families, all the trust components show a decrease, albeit with different intensities. The economic climate increased from 129.8 to 125.5, decreasing for the fifth consecutive month.

The staff members, current and future consumer confidence, after the increase recorded in July, returning to position itself on the levels of June. Also, opinions on the country’s economic situation confirmed deteriorating for the fourth consecutive month, as well as worsen the expectations on unemployment. Among the companies, the sharpest decline in confidence is in market services (from 108.3 to 102.4) and in the retail trade (from 101.3 to 97.1 ). The decline was milder in manufacturing (from 102.9 to 101.1) and in construction (from 126.2 to 123.5). In manufacturing companies worsen both the opinions on orders is, slightly, the production expectations and judgments about stocks remain stable. In construction worse assessments on orders and construction plans and employment expectations remain stable. In services worsen all climate components: decreased balances of the judgments and expectations on the level of orders as well as the balance of expectations for the economy in general. In retailing, eventually, impair the opinions on current sales, the balance of which turned negative for the first time since January 2016, and the expectations on future sales. These trends in the confidence of consumers and businesses do not take into account the effect of the earthquake in central Italy because they are based on interviews concentrated in the first half of the month.

Source: Ansa

Milan Stock accelerates downward, dollar rally – Milano Finanza

European stocks are confirmed weak, in a session with low volumes for both the still holiday atmosphere for both the festive closing of London. At Piazza the Ftse Mib index loses 1.43% share slipping to 16,603 points. Frankfurt also down (-0.81%), Paris (-1.03%) and Madrid (-0.85%). On the macro front are not coming good Italian news on the economy. In August, consumer confidence fell to 109.2 and business confidence to 101.1. For both it is the lowest level since July / February 2015.

After last Friday’s speech in Jackson Hole of the number one of the Fed, Janet Yellen, the dollar has led to the highest level since August 16 in against the euro: at the time the euro-dollar cross is trading at 1.1183. The Yellen said that the arguments in favor of a rise in the cost of money has increased in recent months and has not closed the door on a touch-up as early as September.

Even more hawk his deputy, Stanley Fischer , who has not ruled out a twofold rise later this year (in September and December), if the data relating to the labor market will prove to be compatible with this choice. Futures on US interest rates now assign a 30% probability to a narrow bullish as early as September, while this case was given to 18% before the two utterances of Fed officials Friday.

Experts Research and Investment Cassa Lombarda notice as “the probability of a rate hike” from the Fed “by December” has “risen to just over 60%. in the week expected a lot of data, including prices and work, fundamental for the next steps of Fed “. Provided then “public interventions: Eric Rosengren, president of the Federal Reserve Bank of Boston, and Neel Kashkari, president of the Minneapolis Fed, August 31; Loretta Mester, president of the Cleveland Fed, on September 1, Jeffrey Lacker, Governor the Richmond Fed, September 2, “conclude the analysts.

in addition, according to Unicredit economists , after moderately hawkish tone adopted by the Fed chairman,” the publication of the report on market US jobs will attract even more attention, since it is not ruled out a rise in interest rates in September. ” Specifically, point out the experts Intesa Sanpaolo , “the August employment report should still be positive, with employment growth in line with the average year to date, a decrease of 4.8% unemployment rate and decent wage . in August, the manufacturing ISM and the Chicago PMI should correct modestly but remain in expansionary territory, car sales should be down after the strong increase in July, while consumer confidence should be modest increase. “

the return on ten-year Italian salt all’1,146% dall’1,11% of the final session on Friday, while the spread with similar maturity is stable in the Bund area of ​​120 basis points (119.9 ). On the Milan stock exchange holds the sales Unicredit (-0.37%). According to the Financial Times, the Polish PZU “is confident of being able to reach an agreement with Unicredit for the acquisition of Pekao by the end of October.” Rising 1.10% MPS which apparently is studying a plan for the voluntary conversion of 3 billion subordinated bonds into shares with the objective of limiting the increase in share capital up to 5 billion expected before the end of the year.

In decrease, instead, Ubi (-2.10%), Banca Popolare di Milano (-1.51%), Banco Popular (-1.02%) and Intesa Sanpaolo (-0.89%). Sales got excited even on insurance: Generali (-1.79%) and UnipolSai (-1.67%) and the asset management titopli: Azimut (-2.86%) and Banca Mediolanum (-1 , 97%) as well as on industry: Fca lost 2.03% even if the ad, Sergio Marchionne, has fueled rumors on the sale of Magneti Marelli: “we have the group ever put on sale, but in the medium to long term probably his future will be elsewhere, “he said. Down STM (-1.18%), Leonardo (-1.03%) and Prysmian (-1.91%).