Apple lost its 10-year court battle in the European Court of Justice over a tax dispute with Ireland. The ruling upholds the European Commission’s 2016 decision requiring Apple to pay over $14 billion in back taxes, arguing that the tech giant received illegal tax benefits. Apple and the Irish government had appealed the ruling, claiming no preferential tax treatment. The court’s decision coincides with Apple’s launch of new products. Apple shares were down 1% in premarket trading.
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00:00It's Benzinga, and here's what's on the block.
00:03Apple lost its 10-year court battle in the European Court of Justice over a tax dispute
00:07with Ireland.
00:08The ruling upholds the European Commission's 2016 decision requiring Apple to pay over
00:13$14 billion in back taxes, arguing that the tech giant received illegal tax benefits.
00:18Apple and the Irish government had appealed the ruling, claiming no preferential tax treatment.
00:23The court's decision coincides with Apple's launch of new products.
00:27Apple shares were down 1% in pre-market trade.
00:29For all things money, visit Benzinga.com.