Ireland, Apple Agree To Put $15B In Escrow For Tax Dispute

Apple strikes interim deal on escrow fund for $15B Irish tax claim

Starting next year, will have to start paying Ireland back billions of back taxes. It has taken just over a year, but Apple and Ireland have finally reached an agreement to start collecting the money and placing it into an escrow account. Despite Apple not wanting to pay the bill - and the Irish Government not wanting to receive it - the two sides have now come to an agreement that means the money owed will now be collected.

But Apple executives later told Reuters that it plans to appeal the ruling at Europe's second-highest court, saying the company had been targeted because of its success.

The European Commission ruled in 2016 that the tax arrangement was illegal under EU state aid rules, but Apple and Ireland have both appealed the order. However, Dublin as well as Apple continue to contest the European Commission's ruling.

As The Wall Street Journal reports, Irish Finance Minister, Paschal Donohoe, said today that he is expecting the money from Apple to begin going into the account in the first quarter of 2018.

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The European Commission ruled a year ago that a tax deal that Ireland gave Apple was illegal, and that it owed the country $14.5 billion in back taxes.

The Commission in October had routinely initiated proceedings against the Government for its failure to recover the tax, which had been ruled by the Commission as an illegal favouring of the company by the Irish authorities.

In a statement, Apple said that it remains confident the court will overturn the commission's decision once it has reviewed the evidence. The ruling obliges Apple to pay back €13bn.

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