Apple Owes Ireland $14.5 Billion

PAY UP

Updated Apr. 13, 2017 3:17PM EDT / Published Aug. 30, 2016 8:01AM EDT

Lucy Nicholson/Reuters

A European Union ruling Tuesday determined that Apple owes Ireland $14.5 billion in taxes and must now pay up. The amount makes the ruling the largest the organization has ever issued on a single company. Apple executives said the company will appeal the decision and believe the ruling “upended the international tax system,” CNN reports. “Member states cannot give tax benefits to selected companies—this is illegal under EU state-aid rules,” said Margrethe Vestager, Europe’s top antitrust official.

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Apple Owes Ireland $14.5 Billion

Lucy Nicholson/Reuters