Ireland to collect $15B in back taxes from Apple

Apple has made a deal with Ireland to pay its back taxes but the money will be held in escrow while it appeals an EU ruling

Apple has made a deal with Ireland to pay its back taxes but the money will be held in escrow while it appeals an EU ruling

It's understood that Apple will start paying the €13 billion in back taxes into an escrow account in first quarter of 2018.

In September 2016, a European Commission investigation concluded that two rulings provided by the Irish Government had "substantially and artificially lowered the tax paid by Apple in Ireland since 1991". The figure is reportedly 40 times bigger than any previous demand under European Union rules prohibiting countries from helping companies gain advantages over their competitors.

The European Commission in 2016 accused Ireland of providing as much as €13 billion ($15.5 billion) in impermissible state aid through a tax agreement with Apple that.

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.

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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".

Apple is just one of many technology companies whose tax arrangements in Europe have been criticized.

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.

In a statement, Apple said that it remains confident the court will overturn the commission's decision once it has reviewed the evidence. The Government has denied favouring Apple and has joined the company in appealing the original ruling.

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