Apple told to pay €13bn in back taxes to Ireland

Apple CEO Tim Cook

Ireland offered Apple huge tax breaks, but didn't give other companies the same deal. The European Commission concluded this was illegal and the company must pay up the €13bn it would otherwise have owed in taxes.

The Commission said "selective treatment" allowed Apple to pay tax rate of 1% on European Union profits in 2003 down to 0.005% in 2014.

The findings are a result of the culmination of a three-year investigation by Competition Commissioner Margrethe Vestager into tax arrangements for Apple, dating back 25 years.

In a statement, the EC said the benefit is "illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid."

That's 5 cents for every thousand dollars made.