Apple faces heavy fine over tax default

According to an analysis by Matt Larson of Bloomberg Intelligence, Apple may be heavily fined in Europe over allegations of tax default.

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Reports say the company could owe more than $8 billion in back taxes as a result of an European Commission investigation into its tax policies.

The world largest company which has said that it would appeal any adverse ruling has been accused of using subsidiaries in Ireland to avoid paying taxes on revenue generated outside the U.S.

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