Apple's Next Financial Conference Set for Nov. 2 while the EU is Set to Punish Ireland for not Collecting Apple's Taxes
Apple has just announced that their conference call to discuss fourth fiscal quarter results is scheduled for Thursday, November 2, 2017, at 2:00 p.m. PT / 5:00 p.m. ET. What are we to expect for the quarter? Apple's CFO Luca Maestri issued their guideline for the quarter as outlined below.
Apple's Guidance for its Fiscal 2017 Q4
revenue between $49 billion and $52 billion
gross margin between 37.5 percent and 38 percent
operating expenses between $6.7 billion and $6.8 billion
other income/(expense) of $500 million
tax rate of 25.5 percent
EU may Issue Non-Compliance Action against Ireland for Not Collecting Apple's Taxes on Time
In other Financial related news today we're learning that Ireland faces a rebuke from European Union authorities for failing to collect a year-old tax bill of as much as 15 billion euros ($17.6 billion) from Apple Inc. during a fight with regulators.
The Bloomberg report further noted that "The European Commission may issue a so-called non-compliance action as soon as this week, according to a person with knowledge of the matter, who asked not to be named because the information is private. The EU has pushed Ireland to collect the money, which was initially due by Jan. 3. If the commission considers an EU state has failed to implement a recovery order in a state aid case, regulators can sue at the bloc's courts in Luxembourg. Judges would then rule on the alleged non-compliance and can issue a fine."
Patently Apple posted a report in August titled "Ireland's Fiery Finance Minister Clearly Stated that the EU's Demand for Back Taxes from Apple is Unjustified." In that report we noted that Ireland's Finance Minister Paschal Donohoe went on record with a German newspaper to say that the EU's demand for Apple to pay it 13 billion euros in back taxes is unjustified.
More importantly, "The Irish government has said it will collect the money pending an appeal of the ruling by Apple, but Donohoe said it was not Dublin's job and the request was not justified. He further stated that "We are not the global tax collector for everybody else."
Obviously Ireland is making that point loud in clear by not officially collecting the taxes as of yet, though we also noted last month that Ireland was close to a deal with Apple in how the money will be handled while their appeals are exhausted. So the EU may be making noise for nothing.
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