In a 10-year legal dispute with Apple over its tax matters in Ireland, the European Court of Justice issued a ruling against the tech giant on Tuesday.
Hours after Apple revealed a slew of new products aimed at revitalising its AirPod, Apple Watch, and iPhone lines, the European Court of Justice made its verdict.
As mandated by international tax law, our income was already liable to taxes in the United States,” the company stated in a statement, Reuters reporting. “The European Commission is trying to retrospectively amend the laws and ignore it,” the statement read.
Before the market opened at 09:52 a.m. London time, Apple shares were down 1%. The Apple case “included a problem that is “does not give preferential tax treatment to any companies or taxpayers,” the statement continued, adding that it was “now of historical relevance only.”
Source (CNBC)
