The European Union has dealt a severe blow to tech giants Apple and Google

In recent days, two of the world's most powerful technology companies, Apple and Google, have suffered significant legal defeats from the European Union. The Court of Justice of the European Union (ECJ) ruled against both companies, underlining the EU's hardline stance against big tech firms. The decisions are final and the companies can no longer appeal. Moreover, the move signals that regulations aimed at curbing the power of tech giants in Europe are gaining momentum.

Apple must pay €13 billion in taxes

In 2016, the European Commission ruled that Apple $AAPL received illegal tax benefits of €13 billion from the Irish government. The Commission claimed that Ireland allowed Apple to benefit from two tax treaties that reduced the company's tax burden to a whopping 0.005% in 2014. This was deemed to constitute unlawful state aid, which is prohibited under EU rules.

Apple defended the decision, arguing that it always pays all the taxes it owes and that there is no special agreement between…