14-Day Return Policy Launches for EU iTunes Customers

In line with new European Union regulation, Apple has launched a 14-day return policy for iTunes digital purchases. The new policy affects all downloads from Apple’s iTunes music and movies stores, the App Store, iBooks Store and for any other download purchase made with Apple.

Right of cancellation: If you choose to cancel your order, you may do so within 14 days from when you received your receipt without giving any reason, except iTunes Gifts which cannot be refunded once you have redeemed the code. 
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To meet the cancellation deadline, you must send your communication of cancellation before the 14-day period has expired. 

Effects of cancellation: We will reimburse you no later than 14 days from the day on which we receive your cancellation notice. We will use the same means of payment as you used for the transaction, and you will not incur any fees for such reimbursement. 

Exception to the right of cancellation: You cannot cancel your order for the supply of digital content if the delivery has started upon your request and acknowledgement that you thereby lose your cancellation right. – Excerpt from updated iTunes terms and conditions in the EU.

In the US and elsewhere, the terms still state “All sales Final”, while this has always been offered with a degree of flexibility (something I know from personal experience).

Source: MacRumors