Apple to face first fine under EU's Digital Markets Act for Big Tech

Quick Summary:

The European Commission could still unleash the fine before current EU competition commissioner Margrethe Vestager is due to leave office later this month, according to the people.

Under the law, EU regulators have powers to fine the world’s most powerful tech firms 10% of their global annual sales, 20% in the event of repeated infringements, or periodic fines of as much as 5% of the average daily revenue.

Vestager also grabbed the headlines when she ordered Apple to repay €13 billion in allegedly unfair tax breaks from Ireland.

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Article Details

Category: BusinessFinance

Markets: IndiaIreland

Topics: European Union Apple Inc App developers EU Digital Market Act Big Tech App store

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 08:12:25 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 517 words

Reading Time: 3 minutes read

Sentences: 22 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23440387

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Official Website: business-standard.com

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Year Established: 1975

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News Last Updated: 2 hours ago

Coverage Areas: India

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