Apple (AAPL) Tax Ruling Doesn't Cast Uncertainty on Ireland, IDA Ireland CEO Shanahan Says

NEW YORK (TheStreet) -- The Euopean Commission has ordered Apple  (AAPL)  to pay Ireland $14.6 billion in back taxes, but that shouldn't cast doubt on the country or its practices, IDA Ireland CEO Martin Shanahan said on CNBC's "Power Lunch" Tuesday afternoon. 

IDA Ireland is responsible for attracting the tech giant to the country in the first place, CNBC's Melissa Lee noted. "What do you tell companies now looking at Ireland? Is there uncertainty at this point?" she asked. 

"No, there's no uncertainty. Our tax regime and our tax rate are exactly as they were before this decision. The European Commission themselves have said that this does not call into question Ireland's tax rate or tax regime," Shanahan responded. 

Ireland remains a "great place to set up your business" and IDA Ireland wants to "put that beyond doubt," he said. "We don't believe that the European Commission should retrospectively try to interfere with the tax laws of an individual member state of the European Union," Shanahan added. 

"Where does the case stand at this point, specifically with Apple?," CNBC's Brian Sullivan asked. 

At this point, Apple and Ireland's government and parliament are appealing the decision, Shanahan answered. "The expectation is it could take more than three years and we will appeal this decision to the European courts," he added. 

"If the European courts overrule you, or let's say you end up being stuck with the EU's decision, would you consider leaving the EU?" Sullivan asked. 

"No I don't believe so. We have a difficulty with this decision. We don't have a difficulty with the EU. We're committed to the EU," Shanahan said. 

If you liked this article you might like

What's Up With Apple?

AI Pioneer Andrew Ng: There's Room for Multiple Winners in the AI Race

How to Make Your Life Successful Just Like Billionaire Warren Buffett

Watch Out For the Dominoes That Fall: Cramer's 'Mad Money' Recap (Wed 9/20/17)