Ahead of iPhone 7 launch, Apple faces $14.5 billion bill for 'illegal tax benefits' in Ireland

Apple is facing a bill of €13 billion (around $14.5 billion) after the European Commission ruled that Ireland granted the company illegal tax benefits. Ireland permitted Apple to pay "substantially less tax than other businesses", and the Commission has decided that not only is this illegal, but the money must be recovered. A three-year investigation concluded that Apple was paying corporation tax of just 1 percent in Ireland. The tax arrangement meant that Apple's tax bill was "artificially lowered" -- down to as low as 0.005 percent in 2014. Ireland is used by many technology companies for its favorable tax… [Continue Reading]