Sunday, 17 December, 2017

Apple To Pay Irish State Aid Bill From 2018

Apple agrees to cough up $15bn in Irish back taxes Apple agrees to cough up $15bn in Irish back taxes
Jo Caldwell | 06 December, 2017, 00:19

Then, Ireland disagreed with the Commission's analysis and appealed the decision.

Apple has agreed to pay Ireland up to €13bn (£11.5bn) in back taxes after the European Commission said it received unfair tax incentives.

This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.

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

Money from Apple will start to be paid into the account from the first quarter of 2018, the Minister said.

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The announcement comes after some tension with Brussels, which referred Ireland to the European Court of Justice in October of this year for failing to collect the back taxes.

However, last year, the Commission came to the ruling that this is an example of illegal state aid and threatened Apple with harsh consequences if it didn't cough up $13 billion in owed taxes.

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

Both Apple and Ireland are continuing to fight the ruling - Ireland has said that the European Union overstepped its authority and got some of the country's laws wrong while Apple has maintained that the amount it's being told to repay was miscalculated.

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".

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