The company continues to face headwind’s around the planet….
The European Union’s top court ruled against Apple Tuesday in the tech company’s protracted legal battle over contested back taxes in Ireland.
Why it matters: The ruling means Apple will be forced to pay Ireland up to €13 billion ($14.4 billion) in back taxes and represents the latest setback in Europe for the tech giant.
- Earlier this year, Apple became the first company to be accused of violating the EU’s new major tech competition law.
Catch up quick: The tax case stretches back to 2016, when the European Commission (EC) ordered Apple repay Ireland roughly €13 billion of unpaid taxes.
- The commission argued that the tech giant had received “illegal” tax benefits from Ireland over the course of two decades.
- Apple had housed its European headquarters in Ireland and paid a corporate tax rate of less than 1% in some years, which the EC argued gave Apple an unfair advantage over other companies.
- Apple and Ireland appealed the decision in 2019.
State of play: The European Court of Justice on Tuesday overturned the lower court decision and upheld the EC’s 2016 order….
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