Apple Declines Invitation to EU Hearing

apple declines invitation

Apple declines invitation: California-based tech giant Apple Inc. (NASDAQ:AAPL) has declined an invitation to attend a hearing on tax evasion from the European Union (EU).

The company starts off the letter by thanking the EU for the invitation for the hearing, that is set to occur on June 21, and mentions that they “respect the role [the] Committee has [in] investigating important policy issues.”

According to a recent article from Reuters, the EU had ordered Apple “to pay up to 13 billion euros ($15 billion) in back taxes to Ireland.”

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Apple Declines Invitation

Apple is appealing this decision and “since the appeal is ongoing and likely to be heard at the General Court in the near future [they] will not be able to participate in a public hearing on this topic as it could be detrimental to the proceedings at the Court, and any potential appeals thereafter.”

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The company has stated that it supports over 1.4 million jobs in Europe and it has paid all the taxes that it owes to countries it operates in. 

On Friday, Sven Giegold, a member of the European Parliament, tweeted Apple’s reply calling it “rotten” and stated that “no company stands above democracy.”

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Apple has said that it will be happy to meet with members of the EU and answer further questions in a private meeting. 

Shares of Apple have risen approximately 1.6% on Friday and, as of 1:42 pm EDT, was hovering near a value of $189.90 USD. The company has been able to reach a high of $190.07 and a low of $187.75, after opening at $187.99.

Comparatively, Apple closed at a value of $186.87 after opening at $187.22.

Do you think Apple made the right decision? Let us know in the comments below!

Featured Image: Depositphotos/© pio3