(Telecompaper) The Treasury has warned the European Union of possible repercussions if it attempts to claim back billions in tax from major US multinationals such as Apple. The Treasury said its officials have met with European Commission counterparts several times in recent months on the matter, and the US finance ministry has now issued a white paper outlining its position. The Commission has been investigating a number of advance tax rulings issued by EU member states that are suspected of giving an unfair advantage to multinationals. It is expected to issue a decision next month on Ireland's tax deal with Apple. The US Treasury said these tax payments could have an "outsized" impact on the companies, as well as US tax revenues, and also undermines US tax treaties and globally accepted practcies in transfer pricing. The Treasury said it would prefer to "the system of international tax cooperation" and work with the EU on a more mutually accepted solution.