Ireland Seeks to Collect $15 Billion in Back Taxes From Apple

Ireland Seeks to Collect $15 Billion in Back Taxes From Apple

It's understood that Apple will start paying the €13 billion in back taxes into an escrow account in first quarter of 2018.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager, according to Reuters.

The EU had ordered Ireland to start collecting the back taxes in 2016, but Ireland dragged its feet for more than a year.

While the decision is being appealed, the money will be held in an escrow fund. Apple has said it wanted to negotiate the interest rate of the escrow fund.

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Apple launched an appeal of the decision after the ruling, which it says it's still pursuing.

The EU ruling that Ireland offered illegal state aid to Apple, and must recover €13B ($15B) in underpaid taxes, marked the end of a long-running investigation - but not the end of the dispute ...

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