Bad Apple? The European Commission asks Apple to pay $14.5 Billion in back taxes.

The European Commission just ruled that Apple received illegal state aid from Ireland, and must pay $14.5 billion in back taxes to the country.

 

Oh man.  I mean, Apple’s worth a lot, but that’s a lot.  And kinda bad for their rep? And the Irish government’s rep at first glance.  The ruling was the end of a 3 year inquiry into Apple’s tax arrangements in Ireland.

 

In response to the ruling, Apple will be appealing and has published a letter regarding the case on it’s European websites. You can read the letter here.

 

You can also view a FAQ for investors here. 

 

 

Apple is remaining confident the ruling will be overturned by courts in the European Union, but says that it will probably take several years. They also comment that their near-term financials will not be affected.