Apple to start €13bn European Union tax row repayments next month

Posted April 25, 2018

It was in October that the Commission stepped forward to disclose that it was determined to take Dublin to the European Court of Justice.

It's starting to pay the funds into an escrow account.

Both Ireland and Apple had earlier made an appeal against the European Union ruling that sought to compel the USA firm to make a payment of about 13 billion euros in disputed taxes.

It's time for Apple to pay the tax man.

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Donohoe has said that the Interest due by Apple will eventually be calculated after the collecting the 13 billion euros. Ireland's finance department has pondered over the matter for quiet sometime and has finally made its statement outlining that it had estimated it to be about 15 billion euros but that was incorporating the European Union interest.

Irish taxpayers will not have to cover any potential losses if a fund holding €13 billion in back taxes from Apple drops in value before legal proceedings have concluded, the finance minister has said.

Now Ireland will collect the penalty, it said on Tuesday, although there's still a chance Apple could get the money back.

"The Government fundamentally disagrees with the ruling of the Commission".

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Donohoe said the escrow arrangement for "the recovery of alleged state aid" would be signed sometime on Tuesday.

On April 24, the Irish Government announced it had come to an agreement with American tech giant Apple over the repayment of taxes that had previously been forgone under a friendly tax scheme.

Apple shouldn't be sweating the fine, even though it's huge.

After lengthy delays in setting up an escrow structure to hold the cash, Mr Donohoe said a structure agreed with Apple is now in place and he expects a first payment to be made next month, and the full amount to be collected by the end of September.

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