Breaking News: Apple Ordered to Pay €13bn in Unpaid Taxes to Ireland by European Court of Justice (ECJ)
In a landmark decision, the European Court of Justice (ECJ) has ruled that Apple must repay €13bn in unpaid taxes to Ireland. The EU Commission accused Ireland of granting Apple illegal tax advantages eight years ago, a claim that has been upheld by the ECJ.
Apple has consistently denied any wrongdoing, stating that they always pay all the taxes they owe wherever they operate. The tech giant has been embroiled in a lengthy legal battle with the European Commission over the tax arrangements of its subsidiaries in Ireland.
The ruling covers the period from 1991 to 2014 and relates to the treatment of profits generated by Apple's Irish subsidiaries for tax purposes. The ECJ found that these tax arrangements were illegal, as they gave Apple an unfair advantage over other companies.
Despite Apple's objections, the ECJ has upheld the European Commission's decision, forcing Ireland to recover the lost taxes from the tech giant. This ruling marks the end of a long-running case that has seen multiple appeals and legal challenges.
In a similar vein, Google has also been ordered to pay a €2.4bn fine for abusing the market dominance of its shopping comparison service. This decision comes after years of legal wrangling and appeals by the tech giant.
Both Apple and Google have faced scrutiny from the European Commission over their tax practices and market dominance. These rulings serve as a warning to multinational corporations that they must comply with international tax laws and competition regulations.
In conclusion, the ECJ's decision to make Apple pay back €13bn in unpaid taxes and fine Google for abusing its market dominance has significant implications for the tech industry and multinational corporations. It highlights the importance of transparency and fair competition in the global economy, ensuring that all companies play by the same rules. Investors should take note of these developments as they could impact the financial performance and reputation of these tech giants in the future.