Apple has lost its fight to dodge a €13 billion ($14.4 billion) tax bill following a ruling by Europe’s top court Tuesday, suffering a blow just a day after the iPhone maker unveiled a host of new productsto boost sales.
The European Court of Justice also upheld a €2.4 billion ($2.6 billion) antitrust fine against Google, in a separate decision, delivering a double whammy to two of the world’s most powerful tech companies.In the ruling against Apple (AAPL), the ECJ upheld a 2016 decision by the European Commission, which found that Ireland had granted Apple unlawful state aid that it was required to recover.
According to estimates by the European Union’s executive arm, Ireland had given Apple “illegal tax benefits” worth €13 billion.
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