Monday, 11 December, 2017

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

Apple strikes interim deal on escrow fund for $15B Irish tax claim Apple have agreed to start paying €13bn tax bill to Ireland in 2018
Heather Davidson | 06 December, 2017, 00:51

Apple, whose CEO Tim Cook likes to talk a big game about how the tech industry should be more socially responsible while overseeing an worldwide tax-avoidance regime that puts Scrooge McDuck's gold-filled vault/swimming pool to shame, has agreed to repay Ireland $14.6 billion (around €13 billion) in unpaid taxes, the Wall Street Journal reported.

With Apple's appeal still in process, the tax payments will be made into an escrow account.

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 EU's ruling also angered a number government leaders in Ireland, who filed their own appeal on the grounds that the ruling infringes on the nation's sovereignty and harms its ability to attract business.

"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year".

The European Commission estimated the amount of illegal state aid to be recovered by the Irish authorities to be around EUR13bn, plus interest.

Starting next year, will have to start paying Ireland back billions of back taxes. The Cupertino, Calif. -based tech company said in a statement that it remains confident the court will overturn the ruling once evidence has been reviewed.

"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money", Apple said in a statement. The Government has denied favouring Apple and has joined the company in appealing the original ruling.

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