Apple tax ruling could 'undermine' US-EU economic partnership: Treasury Dept
The US Treasury Department on Tuesday slammed an EU ruling ordering Apple to pay record back taxes, saying the decision threatened the bilateral "spirit of economic partnership".
"The Commission's actions could threaten to undermine foreign investment, the business climate in Europe, and the important spirit of economic partnership between the US and the EU," a Treasury Department spokesperson said in a statement.
"We will continue to monitor these cases as they progress, and we will continue to work with the Commission toward our shared objective of preventing the erosion of our corporate tax bases."
The EU ruling ordered the US tech giant to repay Ireland a record 13 billion euros ($14.3 billion) in back taxes, finding that Apple had benefited from a series of Irish sweetheart tax deals that were illegal.