Monday, 18 June, 2018

Apple agrees to cough up for $15 billion Irish tax bill

Apple agrees to cough up for $15 billion Irish tax bill Apple agrees to cough up for $15 billion Irish tax bill
Russell Knight | 06 December, 2017, 00:16

The ruling by the European Commission previous year stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland.

Last year, the European Union determined that a deal between Ireland and Apple for tax incentives was illegal and ordered Dublin to recover uncollected taxes for the years between 1991 and 2007.

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"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year".

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", Irish Finance Minister Paschal Donohoe told reporters. While one might wonder why the Irish government might turn up its nose at $20 billion, by offering annual tax rates as low as 0.005 per cent for over a decade, Ireland essentially acted as a tax haven - a status it has used to attract investment and presence by worldwide corporations.

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

"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money".

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law. Since then though, it seems that Apple has reached an agreement with Ireland to pay back €13 billion in back taxes.

The Irish Finance Ministry said: "These sums will be placed into an escrow fund with the proceeds being released only when there has been a final determination in the European Courts over the validity of the Commission's Decision".