APPLE ORDERED TO PAY BILLIONS IN UNPAID TAXES

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The EU just took a massive bite out of Apple.

According to Bloomberg, the European Commission decided on Tuesday that “selective treatment” by Ireland allowed Apple to pay a tax rate of one percent on EU profits in 2003 down to 0.005 percent in 2014.  Apple has been ordered to pay up to €13 billion to cover the unpaid tax.

“Member States cannot give tax benefits to selected companies – this is illegal under EU state aid rules. The Commission’s investigation concluded that Ireland granted illegal tax benefits to Apple, which enabled it to pay substantially less tax than other businesses over many years. In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of one percent on its European profits in 2003 down to 0.005 percent in 2014,” said EU Competition Commissioner Margrethe Vestager EU in a press release before her speech.

The 130-page ruling on Apple was published on Tuesday following a three-year investigation.

Apple’s stock is dropping before the pre-day trading today.

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