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Wednesday, May 18, 2022

Apple Inc. [NASDAQ: AAPL] Wins Court Fight Over Record 13 Billion Euro Irish Tax Bill

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Apple Inc. [NASDAQ: AAPL] has won its court battle today against the European Commission. The ruling allows Apple not to pay $15 billion in back taxes to Ireland.

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Apple Inc. declared Wednesday that it was glad that the second top court of Europe had refused the EU ruling to the AAPL to pay 13 billion euros ($14.78 billion) in Irish back taxes.

European Commission said AAPL got benefit from the illegal government help through two Irish tax orders that lessen its tax burden by more than two decades from 0.005% in 2014 in its ruling four years ago.

The EU’s general court has ruled in favor of the iPhone maker, saying the European Commission unable to disclose illegal government support for tax arrangements with the firm.

Shares of Apple Inc. soared 1.20% during the pre-market trading. It had a trading volume of 42.75 million as compared to the average volume of 35.45 million. In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $192.58 and a high of $399.82.

If we turn our focus on its profitability, AAPL’s return on investment (ROI), return on assets (ROA) and return on equity (ROE) is 26.90%, 17.30%, and 64.50%, respectively. The current and quick ratio for Apple Inc is 1.50. Apple Inc has recorded the sale of 267.98 billion. This company has a gross margin of 38.10%, a profit margin of 21.40%, and an operating margin of 24.50%.

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