Apple suffers $14 billion loss due to Europe reclaiming tax

$3,000 apiece

Expressing discontent over the case’s outcome, Apple stated, “Today’s decision is disheartening.” The company added, “No favorable agreement ever existed.”

In 2016, Apple was mandated to transfer the funds to an independently managed escrow account. Presently, the account retains approximately €14 billion. With a populace of 5.2 million, the amassed finances equate to €2,692 (roughly $3,000) per Irish citizen.

Reportedly, Ireland’s Tánaiste Micheál Martin mentioned that the funds are not meant for daily expenses. The government will now assess “the optimal utilization of these resources for the citizens of Ireland.”

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AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

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