Weekly Market Outlook

EU orders Apple to pay up to 13 billion euros tax to Ireland

EU antitrust regulators ordered Apple (AAPL.O) on Tuesday to pay up to 13 billion euros ($14.5 billion) in taxes to the Irish government after ruling that a special scheme to route profits through Ireland was illegal state aid.

The massive sum, some 40 times bigger than the previous known demand by the European Commission to a company in such a case, could be reduced, the EU executive said in a statement, if other countries sought more tax themselves from the U.S. tech giant.

Apple, which with Ireland, has already said it will appeal the decision, paid a tax rate on European profits of between 0.005 and 1 percent, the Commission said. ($1 = 0.8954 euros)