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Why does Apple have to pay Ireland $14.4 billion?

Economic Times · 7m

Apple has been ordered to pay a record-breaking 13 billion euros ($14.4 billion) in back taxes to Ireland by the European Union. The payment is a result of a court battle that accused Ireland of granting the tech giant illegal tax benefits. The European Court of Justice ruled in favor of the European Commission, stating that Apple had unfairly benefited from Ireland's low tax rates and loopholes in its tax regime. The payment will likely be placed into Ireland's sovereign wealth fund, and it remains to be seen if other companies will face similar demands for back taxes.