The European Commission has made a decision, ruling against Apple (NASDAQ: AAPL), ordering the technology giant to pay Ireland an amount of unpaid taxes equivalent to 13 billion euros, or $14.5 billion. As a result U.S. stocks opened lower Tuesday as Apple dragged down technology stocks.
Apple of course will appeal the ruling, claiming that the company’s tax policy was in accordance with Irish and European Union law.
United States officials are also not happy with the ruling. A U.S. Treasury spokesperson explained that this ruling might be threatening to harm investments made in Europe by American companies. This ruling has the potential to harm “the important spirit of economic partnership between the U.S. and the EU”.
Apple is not the first to be ordered taxes. Starbucks Corp (NASDAQ: SBUX) has been ordered to pay up to 30 million euros, or $33 million, to the Dutch. In addition Amazon (NASDAQ: AMZN) and McDonald’s (NYSE: MCD) are currently under investigation by the European Commission.