Apple ordered to pay €13 billion in back taxes by EU court
Business
The European Union Court has ruled that Apple must pay €13 billion in unpaid taxes in Ireland. This decision concludes a decade-long investigation into the tax breaks provided by the Irish government, marking a significant victory for the European Commission.
The court's ruling supports the European Commission's 2016 decision, which accused Apple of benefiting from illegal tax breaks in Ireland. Despite this, the Irish authorities have maintained that they did not grant any company preferential tax treatment.
The investigation began in 2014, and in 2020, the General Court of the EU ruled in favor of Apple and Ireland. However, in 2024, the European Court sided with the European Commission, upholding the 2016 decision and requiring Apple to pay back the taxes.
Following the court's decision, Apple’s stock price dropped by 1%, closing at $219.4. This shows how such legal battles can significantly impact the company’s market standing.
While the European Commission hailed the decision as a victory for tax justice, Apple continues to assert that it complies with international tax laws and has been unfairly targeted by the Commission.
The investigation began in 2014, and in 2020, the General Court of the EU ruled in favor of Apple and Ireland. However, in 2024, the European Court sided with the European Commission, upholding the 2016 decision and requiring Apple to pay back the taxes.
Following the court's decision, Apple’s stock price dropped by 1%, closing at $219.4. This shows how such legal battles can significantly impact the company’s market standing.
While the European Commission hailed the decision as a victory for tax justice, Apple continues to assert that it complies with international tax laws and has been unfairly targeted by the Commission.
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