Apple will be required to pay $14 billion in back taxes to Ireland after Europe’s top court released a new ruling on Tuesday, according to a report from the Financial Times. Apple CEO Tim Cook has previously called the case “total political crap” but the judgment is final and Apple will not be able to appeal.
The European Commission’s executive vice president, Margrethe Vestager, first brought the case against Apple alleging that Ireland had given the tech company a deal that “constituted illegal State aid,” by waiving so much in taxes. Apple is now on the hook to pay those taxes, which have been sitting in an escrow account for the past six years, according to the Financial Times. Oddly enough, the original €14.3 billion set aside has fallen in value after first being set aside in 2018 because it was invested in European government bonds.
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Source: Apple Ordered to Pay $14 Billion in Back Taxes
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