Apple Inks $15B Deal with Ireland To Clear Up Back Taxes

Apple Inks $15B Deal with Ireland To Clear Up Back Taxes

The ruling by the European Commission past year stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland.

The Cupertino firm was found to owe the money in a ruling in 2016 which found that Apple and Irish tax officials had made deals between 1991 and 2007 which amounted to state aid.

To view the full article, register now. He added that the Government expects that "the money will begin to be transmitted into the account from Apple across the first quarter of next year".

The ruling stated that tax benefits received by the tech company were illegal under European Union rules, because they allowed Apple to pay substantially less tax than other businesses. Then, Ireland disagreed with the Commission's analysis and appealed the decision.

According to Wall Street Journal, Irish Finance Minister Paschal Donohoe said on Monday that both sides agreed to the terms of an escrow fund for the money.

The government have come to an agreement with Apple for the contested €13 billion tax bill that the company was ordered to pay Ireland.

What did Apple do exactly to warrant a payment as big as €13 billion?

KitGuru Says: Apple may start setting the money for this aside soon, but it seems clear that it still wants to get out of it. Not only is it ethically questionable, the European Commission declared this as state-aid which is illegal.

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

The Irish Finance Ministry said: "These sums will be placed into an escrow fund with the proceeds being released only when there has been a final determination in the European Courts over the validity of the Commission's Decision".