Apple’s Crushing Defeat: EU Court Upholds $14.4 Billion Irish Tax Bill in Landmark Ruling | World News
Apple Loses Appeal Over €13 Billion Irish Tax Bill in Major EU Ruling
Apple Inc. has lost its legal battle over a €13 billion ($14.4 billion) tax bill in Ireland, marking a significant win for the European Union’s campaign against preferential tax arrangements for big corporations. The Court of Justice of the European Union in Luxembourg overturned a previous lower court decision that had favored Apple, siding instead with a landmark 2016 ruling which found that Ireland had violated state-aid laws by giving Apple an unfair advantage.
This decision is a notable victory for EU antitrust chief Margrethe Vestager, who has been a prominent figure in Europe’s stringent regulatory actions against major multinational firms. Vestager’s focus on Apple’s tax affairs, which she argued allowed the company to pay significantly less tax in Ireland compared to other businesses, sparked considerable controversy, especially in the United States. The tax dispute has even seen the intervention of high-profile figures such as former US President Donald Trump, who accused Vestager of anti-American sentiments.
Apple CEO Tim Cook vehemently criticized the EU’s move as politically motivated, and both Apple and the US Treasury have expressed strong discontent with the EU’s approach, claiming it could hinder global tax reform initiatives. Despite these criticisms, the €13 billion has remained in an escrow account pending this final ruling.
Apple’s disappointment with the latest decision was evident in a statement from the company, expressing their frustration that the initial general court’s annulment of the case had been overturned. The ruling comes as Vestager’s term in Brussels draws to a close, potentially adding a significant accomplishment to her legacy as Europe’s antitrust enforcer.
Originally Published: Sep 10, 2024 | 3:22 PM IST
Original Story https://www.business-standard.com/world-news/apple-loses-european-union-top-court-fight-over-14-4-bn-irish-tax-bill-124091000778_1.html
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