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Money Talks from The Economist

Money talks: Ireland's forbidden fruit

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 30 August 2016

⏱️ 15 minutes

🧾️ Download transcript

Summary

An EU tax ruling held that Apple owes Ireland more than €13 billion; why is the Irish government likely to reject the windfall? Host Anne McElvoy is joined by Matthew Valencia to explain. And, Ryan Avent digs deep into work, status and technological disruption

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Transcript

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0:00.0

Do you hear that?

0:05.0

It might sound like nothing to you,

0:07.0

but it's actually the sound of nuclear, wind and solar energy.

0:11.0

At EDF, we're busy generating more British zero carbon

0:14.8

electricity than anyone to help keep future energy costs down for everyone and

0:19.1

help cut UK carbon emissions to nothing. Sound good to you? Find out more about our

0:24.8

zero carbon generation at EDF Energy.com slash helping Britain.

0:28.6

Hello I'm Anne McElvoy, head of Economist Radio, and you're listening to Money Talks.

0:39.5

This week we'll be digging deeper into today's big news, the EU's 13 billion euro ruling against the tech

0:45.8

giant Apple.

0:46.8

Apple's tax benefits in Ireland are illegal.

0:52.1

This is an unusual use of that mechanism and that's one of the things that makes it controversial.

0:57.0

And our free exchange columnist Ryan Avent will be joining us to discuss work, status and technological disruption.

1:03.5

These programs can get better much faster than humans can improve their skills.

1:08.4

So even if it's not competition now, maybe in a decade or two. It will begin to be.

1:14.0

This morning brought bad news for Apple as the EU Commission recommended its highest ever tax penalty,

1:20.0

advising Ireland to recover a staggering 13 billion euro in what it's termed illegal

1:26.4

aid. Two tax rulings granted by Ireland have artificially reduced Apple's tax burden for over two decades in breach of EU

1:40.0

state rules.

1:41.7

The ruling follows an investigation that's lasted three years and it

1:45.2

marks a potential milestone in the relationship between the tech giant and the

1:49.3

European taxman. Joining me now down the line is our special assignments editor Matthew Valencia

...

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