Apple (AAPL) has lost a decade-long battle over back taxes in the European Union. The European Court of Justice has ruled that Apple has to pay 13 billion euros in back taxes. The ruling is a setback for the tech giant and was announced hours after Apple launched its new iPhone 16, Apple Watch, and AirPods and introduced its new AI. CWEB reports that Apple shares fell by 1 percent after the ruling.
In a Tuesday filing, Apple noted that it would pay roughly $10 billion as a one-time income tax charge. This charge will be incurred in the fourth fiscal quarter, which ends September 28, 2024.
In 2014, the European Commission, the executive arm of the European Union, began investigating Apple’s tax payments in Ireland. They found that the Irish government had provided “illegal” tax benefits to the tech giant.
The 2019 decision by the EC was appealed, and both Ireland and Apple gained a victory when the EU General Court favored Apple. The Commission appealed this decision.
On Tuesday, the European Court of Justice set aside the General Court’s decision and confirmed the 2016 ruling.
Alphabet’s Google also lost its attempt on Tuesday to overturn a multi-billion dollar ruling against it in the European Union.
The European Union’s antitrust regulators have been suing many tech companies for their alleged antitrust activities in the bloc. On Tuesday, they received two favorable rulings.
This boosts Europe’s antitrust Commissioner Margrethe Vestager as she is expected to retire in November.
Vestager said, “It shows taxpayers that there can be fairness. And it has shown big companies that they are also not above the law regarding taxation.”
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