The conflict over trans-Atlantic tax practices escalated in February as Lew complained to European Commission President Jean-Claude Juncker that U.S. firms are unfair targets of state-aid investigations. The Treasury secretary’s letter came after EU regulators focused on fiscal pacts international companies got in Europe and opened probes into Apple’s tax affairs in Ireland, and tax arrangements that Amazon and McDonald’s Corp. got in Luxembourg. The companies all say they acted within the law.
For more on Apple’s tax structure from Bloomberg Intelligence’s Matt Larson, click here.