Apple takes on $13.5B tax battle with EU

Ireland stated the European Union exceeded its powers when it demanded the country to repay $13.59 billion in unpaid taxes from Apple Inc. The company has formally appealed the EU’s decision to the EU General Court in Luxembourg. Ireland claims the EU misinterpreted Irish law, and the U.S. Treasury Department said the EU was making itself a "supra-national tax authority." In response, the EU took a dig at Irish tax practices, claiming they were "too consistent" to shape rules for profit allocation. While Apple is required to pay back the money in the coming weeks, the money will be held in escrow until a decision is made in a few years.