EU ruling grants Ireland €13bn from Apple, unwanted windfall | Tech industry.

The recent ruling by the EU’s top court regarding Apple’s tax arrangement in Ireland was a surreal victory for Margrethe Vestager, the EU competition chief. The court ruled that Apple should repay €13bn in “illegal” tax breaks, giving the Irish government a windfall equivalent to 14% of total annual public spending. Despite Apple’s dismay, the ruling has global implications for corporate tax practices. Ireland, known for its tax-friendly policies, has made significant changes in response to international pressure, including adopting a minimum corporate tax rate of 15%.

While the ruling may be historical, it has implications for Ireland’s future attractiveness to multinationals. The global shift towards fairer tax practices, like the global minimum tax rate, means that countries like Ireland can no longer rely solely on tax incentives to attract investment. However, Ireland still offers other appealing factors for businesses, such as a skilled workforce and strong legal system.

As Ireland considers how to use the unexpected windfall, the ruling center-right coalition faces pressure from various sectors on where to allocate the funds. The suggestion of declaring Apple Windfall Day as a new public holiday adds a touch of humor to this serious financial dilemma.

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