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EU Clamps Down on Tax Deals – Tensions with the US Increase

EU Clamps Down on Tax Deals - Tensions with the US Increase

Brussels is now investigating tax deals that seemed too good to be true, between the Netherlands and Nike out of the US. The clamp down is on the back of allegations of state support for selected companies. The US firm Nike, according to reports, records sales for its products in Europe, the Middle East and Africa on the back of five Dutch tax rulings — of course this investigation has turned up the volume on tensions with Washington 

This new bout with Nike comes as after similar situations rose with Apple, Starbucks, Amazon and Fiat, so Nike, the world’s largest sports footwear and athletic company is just the next in line. The European Union has a competition commissioner named Margarethe Vestager, who is affectionately called “the tax lady who really hates the US” by President Donald Trump. A similar situation took place in Ireland and the target, Apple was forced to pay 14.3 billion Euros in back taxes.

The EU is concerned that some firms are receiving preferential treatment and that via royalties and a series of tax rulings approved by the Dutch government, give these firms an unfair advantage. In the Apple ruling mentioned above the European Court of Justice is being appealed by Apple with the support of the Trump administration. 

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