The EU Competition Commissioner Margrethe Vestager has concluded that Ireland granted Apple a whopping €13 billion in undue tax benefits.
Effectively instead of paying the 12.5% corporation tax rate, Apple paid less than 1% tax.
The repercussions could see Apple paying €19 billion including a €6 billion fine.
According to a FT source familiar with the matter, Apple would have to restate its accounts as a result of the ruling. The US company allegedly paid tax at a rate of one percent, well below Ireland’s then official 12.5 percent corporate tax.
