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In the European Commission’s words, here’s what Apple and Ireland did wrong

Reuters

European Commissioner Margrethe Vestager gestures during a news conference on Ireland’s tax dealings with Apple Inc.

The European Commission on Tuesday alleged Ireland gave illegal tax benefits up to 13 billion euros. Here’s how the European authorities described what happened:

(The full release from the EC is here.)

“Apple Sales International and Apple Operations Europe are two Irish incorporated companies that are fully-owned by the Apple group, ultimately controlled by the U.S. parent, Apple Inc AAPL, -0.37% . They hold the rights to use Apple’s intellectual property to sell and manufacture Apple products outside North and South America under a so-called ‘cost-sharing agreement’ with Apple Inc.

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