Apple May Owe $8 Billion to the EU After Tax Ruling

Robotron23 writes: The EU Commission has informed Apple that it could have to pay $8 billion in back taxes. Bloomberg Intelligence estimates Apple has paid only 1.8% tax on profits between 2004 and 2012 — this ruling increases their liability to 12.5%. This decision comes hot on the heels of a tax avoidance settlement Apple reached with Italy last month for $347 million.