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Shares of Apple Inc. (NASDAQ:AAPL) and Starbucks Corporation (NASDAQ:SBUX) Slip On Taxation Probe

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By on Technology & Software

Shares of technology giant Apple Inc. (NASDAQ:AAPL) and coffee retailer Starbucks Corporation (NASDAQ:SBUX) slipped in Wednesday’s pre-market session, after the European Commission said it opened in-depth investigations into their tax treatments by Ireland and the Netherlands, respectively. 

It is also probing the taxation of Fiat Finance and Trade by Luxembourg, the European Commission said, as it unveiled the trio of investigations, which are to examine whether decisions by tax authorities in the respective countries regarding the companies comply with European Union rules on state aid. 

“In the current context of tight public budgets, it is particularly important that large multinationals pay their fair share of taxes,” said Joaquín Almunia, Commission vice president in charge of competition policy. “Under the EU’s state aid rules, national authorities cannot take measures allowing certain companies to pay less tax than they should if the tax rules of the Member State were applied in a fair and non-discriminatory way.” 

AAPL was down 0.8% at $93.53 in recent pre-market trading, in a 52-week range of $55.55 to $95.05; it just reached that 52-week high in Tuesday’s session after the stock underwent a seven-for-one split Monday.

SBUX was down 0.8% at $74 in recent pre-market trading, in a 52-week range of $63.18 to $82.50. 

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