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

Apple strikes interim deal on escrow fund for $15B Irish tax claim

Apple agrees to pay over $15 billion to Ireland in back taxes ars_ab.settitle(1227183);

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

Apple, whose CEO Tim Cook likes to talk a big game about how the tech industry should be more socially responsible while overseeing an global tax-avoidance regime that puts Scrooge McDuck's gold-filled vault/swimming pool to shame, has agreed to repay Ireland €13 billion ($20 billion) in unpaid taxes, the Wall Street Journal reported.

The Wall Street Journal reported this morning, however, that Ireland will begin collecting the sum "as soon as early next year" once the two sides agree to the terms of an escrow fund for the money.

The EU said it planned to refer Ireland to the European Court of Justice for failing to recover the money in back taxes from Apple.

Ireland's minister of finance, Mr. Paschal L. Donohoe, told reporters on Monday that he expected payments in the first quarter of 2018.

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.

Back in 2016, the European Union ordered Dublin to retrieve billions of euros in back taxes.

Amazon denied it owed any back tax, saying it did "not receive any special treatment from Luxembourg".

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law.

"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", Apple said in a statement.

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