Apple Expects One-Time Income Tax Charge of $10 Billion in Q4
Apple (AAPL) expects to record a one-time income tax charge of up to about $10 billion in its fiscal Q4 ending Sept. 28 due to a Tuesday ruling by the European Union's highest court ordering the company to pay billions of euros to Ireland in back taxes, according to a company filing with the US Securities and Exchange Commission.
The EU's Court of Justice said that two Apple subsidiaries based in Ireland received illegal tax benefits worth 13 billion euros ($14.3 billion) and ordered Ireland to recover the total amount from the company.
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