Saturday 18 August 2018

Apple is now first $1 trillion company in world

Stock Image: PA
Stock Image: PA
Ellie Donnelly

Ellie Donnelly

Apple has overtaken its own status as the world's most valuable company, as a share price rise pushed its market valuation to $1 trillion.

The valuation crowned a decade-long rise fuelled by its ubiquitous iPhone that transformed the 42-year-old business from niche player in personal computers into a global powerhouse spanning entertainment and communications.

Shares jumped 2.8pc to as high as $207.05 each yesterday, extending a rise since Tuesday when Apple reported quarterly results above expectations.

Taxes

A stock market filing by Apple yesterday also showed that it has now paid €9bn of the €13bn in back taxes it was ordered to hand over to Ireland by the European Competition Commission two years ago.

The European Commission ordered Ireland to collect €13bn from Apple for what it claims are unpaid taxes, with an additional €1bn of interest. The Government here and Apple say the tax was never owed and have launched a legal challenge.

The cost to the Government of fighting the case has reached €6.2m, of which approximately €3.5m relates to the recovery process, a spokesperson for the Department of Finance told the Irish Independent yesterday. Included in this are legal costs, consultancy fees and other costs.

The fees have been paid by a combination of the Department of Finance, Revenue Commissioners, NTMA, Central Bank, Attorney General's office and chief State Solicitor's office.

"As this is an important issue for the State, the case will continue to be resourced as appropriate," the spokesperson said.

The cases could take years and in the meantime the State must collect the tax and hold on to it. The Department of Finance yesterday said the final payment by Apple was due to be made before the end of September.

Apple yesterday reiterated that it believed the European Commission's decision to be "without merit".

Irish Independent

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