A 3D printed Apple logo is seen in front of a displayed European Union flag in this illustration taken September 2, 2016. REUTERS/Dado Ruvic/Illustration
WASHINGTON: Europe’s order for Apple to pay €13bil (RM59.95bil) in back taxes could provoke US tax reforms and a significant break for firms repatriating offshore earnings, US Treasury Secretary Jacob Lew said.
Lew said high US corporate tax rates drive companies to seek tax havens like Ireland, which offered Apple what the European Commission ruled was an illegally low rate to encourage it to invest there.
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