Apple’s $14.5 Billion EU Tax Ruling: What You Need to Know
EU: Apple's Tax Benefits in Ireland Are Illegal
On Tuesday, Apple was ordered to repay as much as 13 billion euros ($14.5 billion) plus interest after the European Commission said Ireland illegally slashed the iPhone maker’s tax bill between 2003-2014. Here are some key questions surrounding the decision.
That Ireland provided Apple illegal aid through a favorable tax arrangement, which violated the European Union’s state-aid rules. It's the largest tax penalty in a three-year crackdown on sweetheart fiscal deals granted to multinationals by EU nations. The EU, like other global regulators, has targeted firms that sidestep taxes by moving around profits and costs to wherever they are taxed most advantageously -- exploiting loopholes or special deals granted by friendly governments.