Apple Inc. may be facing a hefty tax bill in Europe.
The world’s largest company could owe more than $8 billion in back taxes as a result of a European Commission investigation into its tax policies, according to an analysis by Matt Larson of Bloomberg Intelligence. Apple, which has said it will appeal an adverse ruling, is being scrutinized by regulators who have accused the iPhone maker of using subsidiaries in Ireland to avoid paying taxes on revenue generated outside the U.S.
The EC is investigating a whole slew of companies for tax avoidance, and that is, of course, nothing but a good thing. These shady constructions that only benefit the extremely wealthy have no place in any modern society.