Google and Apple Face Billions in Penalties After Losing E.U. Appeals

Google and Apple faced significant penalties after losing EU appeals related to illegal tax agreements. The European Unions highest court ruled against both companies, leading to a €13 billion (approximately $14.4 billion) penalty for Apple, which was used as an incentive for Ireland to release funds from the escrow account. This case highlighted the struggle between global tech giants and EU regulators over tax regulations, with implications that could impact future cross-border business practices within the industry.