This is roughly what I'd expect. The EU does very little law enforcement directly, most is done through national regulators.
This is the reverse of the Apple situation, where the EU fined the Irish government for not collecting enough taxes from Apple.
This seems to be a fine issued in the Republic of Ireland which is not part of the UK (but, unlike the UK, is still part of the EU).
Someone correct me if I'm wrong, but the income from the money eventually flows into the overall EU budget, so it's like we (EU residents) get a tiny rebate on our taxes. But seems to also depend on each country, Spain is somewhat unique in that the DPA seems to keep it themselves.
Don't know specifically about this scenario, but I've never seen a government's general revenues account treated like this. Governments rarely pay "dividends" - unless you're a targeted voting block they decide to go after.
Yeah, sorry if I was unclear, I didn't mean that residents would literally have a line item on their tax bill because of the fines. But since the fines go into the overall budget, it's like the budget grows (in a very small amount) without people having higher taxes.
Ireland is a small market. It'll take forever to make 530m in profit in Ireland for Tiktok.
The verdict is for the entire EU, they'd have to exit the EU market.
Meanwhile this is a very interesting read on their corporate structure: https://committees.parliament.uk/writtenevidence/13247/defau...
"On corporate structure specifically, there is a misconception that TikTok UK is a subsidiary of ByteDance's operations in China. This is not the case. TikTok UK is owned by global parent company ByteDance Ltd, incorporated in the Cayman Islands"
.. now, everyone talks about China as a global enemy of freedom and accountability, but I think Grand Cayman is underestimated as a bad actor or protector thereof.