Apple told to pay back €13bn in tax by EU

Published On Sep 10, 2024, 4:05 AM

The European Court of Justice has ruled that Apple must pay €13bn in unpaid taxes to Ireland, finalizing a long-lasting dispute. The case stemmed from the European Commission's 2016 decision that Ireland had granted Apple illegal tax advantages between 1991 and 2014. Despite the ruling, Ireland expressed intentions to proceed with the tax recovery in a manner deemed acceptable, asserting that the issue is now of only historical relevance. In conjunction, Google has also been ordered to pay a €2.4bn fine for abusing market dominance.

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Apple's recent legal troubles and massive tax bill could negatively impact its stock in the short term. Investors might respond to the financial implications of the ruling, especially as the company has stated its disappointment and concerns about retroactive taxation. Moreover, the negative sentiment surrounding regulatory pressure may weigh on investor perception.

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