Apple (AAPL) today lost its court fight over a €13 billion ($14.4 billion) Irish tax bill.
The European Union’s Court of Justice in Luxembourg backed a landmark 2016 decision that Ireland broke state-aid law by giving Apple an unfair advantage by awarding the company a lower tax bill in an effort to attract Apple jobs to the country. Apple will now be forced to pay $14 billion in back taxes.
The company expects to record a one-time charge of about $10 billion in the fiscal fourth quarter ending September 28 as a result of the ruling.
Apple shares closed 0.36% lower today in a session that generally saw technology shares gain. The NASDAQ 100 closed up 0.90%.
Agreed, the Biden administration forced / coerced governments around the world to set the minimum corporate tax rate of 15%. Instead of allowing nations to compete on providing minimal government and taxes. The US Instead of building a compelling reason to do business here, rent seeking Biden administration decided to make sure no one else could offer a better value proposition. We can’t compete on price / value with our bloated government, so we’ll make sure no one else can under cut us, social justice..
As long as Democrats rule the European mafia will get away with this!