Jim Cramer: The Only Thing I Care About With the EU Is COVID-19

Katherine Ross

The European Commission said it would appeal a ruling that freed the tech giant from paying a $15 billion back tax payment to the government of Ireland.

Europe's General Court ruled in July that the EU Commission, as well as Competition Commissioner Margrethe Vestager, "did not succeed in showing to the requisite legal standard that there was an advantage" in Apple's tax arrangement with the Republic of Ireland that would have violated EU rules."

The original order from the European Commission in 2016 had called on Apple to pay €13 billion ($15 billion) in back taxes to the Irish government after authorities said the two had agreed an unfair tax agreement as part of Apple's investment in the Republic.

"The General Court judgment raises important legal issues that are of relevance to the Commission in its application of State aid rules to tax planning cases," Vestager said. "The Commission also respectfully considers that in its judgment the General Court has made a number of errors of law. For this reason, the Commission is bringing this matter before the European Court of Justice."

"Making sure that all companies, big and small, pay their fair share of tax remains a top priority for the Commission," she added. "The General Court has repeatedly confirmed the principle that, while member states have competence in determining their taxation laws, they must do so in respect of EU law, including State aid rules."

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

Latest Videos From TheStreet and Jim Cramer:

LIVE WITH JIM CRAMER - WATCH THE REPLAY
Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.
Comments (3)
No. 1-3
AlexM5
AlexM5

Europe has to begin to follow COVID protocol.

kperkins2
kperkins2

Yeah, Europe has a big issue with the spike in cases and it seems like they are disregarding the issue.

JavierFrausto
JavierFrausto

I agree with Jim, the main concern should be COVID for EU before anything else