Apple says it may lose Irish tax break

Apple says it is at risk of being hit with a higher tax rate and back taxes as European regulators investigate its tax affairs in Ireland.
In June, the European Commission launched a probe to see whether Apple's 1991 tax deal with Ireland violated European Union laws prohibiting state aid to companies. Ireland and Apple say they work in accordance with the law.

In the company's annual financial report, released this week, Apple warned investors that "If the Company's effective tax rates were to increase, particularly in the U.S. or Ireland...the company's operating results, cash flows and financial condition could be adversely affected."