EU-Apple spat may set off global tax war: Dhruva Advisors

The European Commission directing Ireland to recover 13 billion Euros in taxes from Apple sets up a new precedent and almost global tax war, says Dinesh Kanabar, CEO at Dhruva Advisors. Speaking to CNBC-TV18 on the implications of EU holding agreements entered into by Ireland as being illegal or contrary to EU directives, Kanabar says it is worrisome as a lot of companies park their funds in Ireland and if each one was to be called on for paying up then financial impact would be huge.It now remains to be seen whether paying up the requisite taxes exonerates Apple completely and how the rules are now applied to money held by other multinationals, he says. Watch video for more...