Apple will begin paying Ireland €13 billion in back taxes

Alicia Cross
December 6, 2017

Since then though, it seems that Apple has reached an agreement with Ireland to pay back €13 billion in back taxes.

As a result of both parties contesting the ruling, the matter is now awaiting a European Court of Justice decision, and the money will be paid into the escrow account in the interim.

In October, the Commission referred Ireland to the EU Court of Justice for its failure to do so.

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.

Money from Apple will start to be paid into the account from the first quarter of 2018, the Minister said. While one might wonder why the Irish government might turn up its nose at $20 billion, by offering annual tax rates as low as 0.005 per cent for over a decade, Ireland essentially acted as a tax haven - a status it has used to attract investment and presence by worldwide corporations. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

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The European Commission ruled in August 2016 that the iPhone maker must reimburse the Irish state a record 13 billion euros to make up for what it considered to be unpaid taxes over a number of years.

Earlier this month, Irish Prime Minister Leo Varadkar said that he did not "want to be in a situation where the Irish Government has to take Apple to court because the European Commission is taking the Irish Government to court".

The Irish government must now put the sums in a blocked bank account while waiting for the result of Apple's and its own appeal to the European Commission.

Apple indicated it didn't see the arrangement as a settlement, though, and vowed to continue to fight to have the judgment overturned.

Other reports by Free-Prsite

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