$14 billion and counting. Politics, Banking and Technology
Is this a co-incidence? or pure Politics at play? - Apple ordered to pay $14bn in back taxes by Europe - Deutsche Bank requested to pay $14bn in fines to the U.S Department of Justice (DOJ) I am trying to understand the shots fired across the pond at Europe's most important bank and the America's largest company. At my first glance Apple seems to be getting off cheap and Deutsche seem to be getting extorted. If you take the Apple case, Europe is asking Apple to pay 12% taxes in Ireland. But Apple has been selling in France, Germany, Italy etc. where taxes are 40%. But Europe is not asking for 40%, which they arguably should pay, instead Europe is asking for 12% because they are based in Ireland. Is Europe actually asking for much less than it should? If you compare the Deutsche Bank fine to peers that have also been subject to penalties, the fine should be around $4-5bn. So why are the DOJ asking for $14bn?