Apple loses fight against $14.4 billion EU tax order to Ireland ...Middle East

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Apple loses fight against $14.4 billion EU tax order to Ireland

BRUSSELS: Apple (AAPL.O), opens new tab on Tuesday lost its fight against an order by EU competition regulators to pay 13 billion euros ($14.4 billion) in back taxes to Ireland as part of an EU crackdown against sweetheart deals between EU countries and multinationals.The European Commission issued the order in 2016, saying that the iPhone maker benefited from two Irish tax rulings for over two decades that artificially reduced its tax burden to as low as 0.005% in 2014.Apple had said the record EU tax order defied reality and common sense. Ireland, whose low tax rates helped it to attract Big Tech to set up their European headquarters, had also challenged the EU ruling.The Luxembourg-based

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