Apple, Ireland in Deal Over $15B in Unpaid Taxes

Apple, Ireland in Deal Over $15B in Unpaid Taxes

Apple, Ireland in Deal Over $15B in Unpaid Taxes

The BBC reports that Apple is paying the money into a so-called blocked "escrow" account and that Ireland is in the process of appealing the Commission's decision.

The European Commission ruled past year that a tax deal that Ireland gave Apple was illegal, and that it owed the country $14.5 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.

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The Irish government has reached an agreement with Apple to start collecting the 13 billion euros ($15 billion) owed by the tech giant, it announced Monday.

The money which has now agreed to be paid will be held in a special bank account as both the Irish government and Apple are lodging appeals against the European Commission's ruling.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", Finance Minister Paschal Donohoe told Reuters.

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Having long disputed the ruling and failing to collect the tax, the case was sent to the European Court of Justice.

The European Commission ordered Apple to pay the sum a year ago.

Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager on Monday that Ireland and Apple had reached an agreement to "the principles and operation of the escrow fund" into which the U.S. iPhone maker was expected to pay the money. 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.

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