Apple could face Europe tax bill of over US$8b

San Francisco

APPLE Inc may be facing a hefty tax bill in Europe.

The world's largest company could owe more than US$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 against an adverse ruling, is being scrutinised by regulators who have accused the iPhone maker of using subsidiaries in Ireland to avoid paying taxes on revenue generated outside the US.