Ireland to reluctantly collect tax windfall from Apple

06 December, 2017, 00:51 | Author: Gladys Mathis
  • Apple strikes interim deal on escrow fund for $15B Irish tax claim

Apple may or may not be losing its tax advantage in Ireland, but the company has apparently been exploring other options for tax havens in Europe.

Ireland has said that negotiating the terms of that fund is what has held up its collection of the money, but the European Commission said that the action it has taken against Ireland for failing to follow the 2016 ruling will proceed until the money is collected in full.

Apple has made a string of investments in the country over the last few years, and the Irish Government fears that the tax bill will affect jobs.

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 United States iPhone maker was expected to pay the money.

Both Apple and Ireland dragged their feet on the repayment as they appealed the decision in court.

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Apple's agreement on Monday has set the wheels in motion for the $14.6 billion to actually be delivered, with Irish officials saying they expected the first payments to be processed in early 2018.

Now it appears Apple and Ireland have agreed to cooperate, and pay $15.4 billion to the Irish government, all while however still continuing litigating the case.

Apple also said it remained "confident" that the European Union court would "overturn the Commission's decision once it has reviewed all the evidence".

Ireland and Apple have reached an agreement that will see the technology giant start paying the EUR13bn (USD15.4bn) it is alleged to owe in back taxes.

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