European Commission hits Apple with record €13bn tax bill

Apple and Irish government disputing claims

Apple has been hit with a record €13bn fine after the European Commission ruled that the tech company had received illegal tax breaks from Ireland.

According to the EU regulator, Apple had only paid 1% tax on profits in Ireland for nearly a quarter of a century, which is well below the country's rate of 12.5%. The ruling is likely to bring up a number of issues, including the treatment of US multi-nationals by the EU and the commission's approach to dealing with national tax policies, according to the Financial Times. The tax investigation has been dubbed "unfair" by the US Treasury, with senior Democrat senator Charles Schumer calling it a "cheap money grab", the BBC reports. However, despite the unexpectedly high fine, Apple...