Apple Faces $14.5B Tax Bill After EU Investigation

 

by Alastair Jamieson

Apple faces a record-setting tax bill of up to $14.5 billion after the European Union ruled Ireland had given it illegal tax benefits.

A three-year investigation by the E.U.'s executive branch ruled that Ireland's tax dealings with the California tech giant breached rules on state aid and that Dublin must recover the unpaid taxes, plus interest.

However, the exact amount could be reduced by agreement or if Apple agreed to pay more tax to other countries.

Apple and the Irish government both said they would appeal the decision.

The ruling is likely to anger Washington, which has accused Brussels of campaigning against U.S. corporate success stories. 

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Source: NBC News