Apple may be on hook for $8bn in back taxes

Apple, the world’s largest company, could owe more than $8bn (€7.35bn) in back taxes as a result of a European Commission investigation into its tax policies, according to an analysis by Bloomberg.

Apple, which has said it will appeal an adverse ruling, is being scrutinised by regulators who have accused the iPhone maker of using its Irish subsidiaries to avoid paying taxes on revenue generated outside the US.

The probe dates back to 2014 and a decision could come after the upcoming general election, Finance Minister Michael Noonan said earlier this month.