10.09.2024 10:53:29
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Apple Loses EU Court Fight Over EUR 13 Bln Irish Tax Bill
(RTTNews) - The European Court of Justice or ECJ, the top court in the region, on Tuesday ruled against tech major Apple Inc. over its 13 billion euros tax affairs in Ireland, reports said.
In the pre-market activity on the Nasdaq, Apple shares were down 1.1% at $218.49.
The European Commission had opened an investigation in 2014 into Apple's tax payments in Ireland, the firm's EU headquarters, over allegedly receiving illegal tax benefits from the country.
In 2026, the Commission ordered Ireland to recover up to 13 billion euros in back taxes from Apple. Both Apple and Ireland appealed the Commission's decision in 2019, and the EU General Court sided with Apple later, and anulled the Commission's 2016 decision.
Meanwhile, the Commission's 2016 decision to recover back taxes from Apple was now confirmed by the ECJ.
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