EU watchdog to give reasons for inquiry into Apple's Irish tax savings

The European Commission will publish on Tuesday its reasons for opening an in-depth inquiry into the Irish government's tax treatment of Apple (AAPL.O), a Commission spokesman said. The European Union's competition watchdog is looking at whether a number of countries' benign tax regimes for multinational companies, which helps to attract investment and jobs that might otherwise go elsewhere, represents unfair state aid. Senate investigation into Apple's tax affairs in 2013 showed how Apple had used Irish-registered companies that were tax resident in no country to shelter tens of billions of dollars in profit from tax.

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