Top executives from Apple have voiced their violent disapproval of Tuesday's decision by the European Union to order Ireland to recover up to 13 billion euros ($14.5 billion) in back taxes from the tech giant.
"Apple is the largest taxpayer in Ireland, Apple is the largest taxpayer in the U.S., Apple is the largest taxpayer in the world," Luca Maestri, the chief financial officer at Apple, said in a conference call following the decision.
The executive arm of the European Union concluded that Ireland granted undue tax benefits to the U.S. tech giant, which is illegal under EU state aid rules, allowing Apple to pay an effective corporate tax rate of 1 percent on its European profits in 2003 down to 0.005 per cent in 2014.
Maestri said that the EU had incorrectly calculated how much tax Apple pays in the country and said that the ruling would be "devastating" for the European economy. He added that the European Commission had sought to replace Irish tax law and has "seriously" undermined the sovereignty of EU member states.