EU orders Apple to pay billions in back taxes

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It's big money even for Apple. A ruling by the European Union says it owes $14.5 billion in back taxes for exploiting a loophole in Irish law. Both Apple and Ireland say they'll appeal. In the US, it's drawing attention to the profits of US companies being held overseas. Shawn Donnan, World Editor for the Financial Times, says the basis of the decision is fair competition between member states.

Credits

Guest:
Shawn Donnan - Financial Times - @sdonnan

Host:
Warren Olney

Producers:
Evan George, Sáša Woodruff, Paul von Zielbauer