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Apple To Pay Irish State Aid Bill From 2018

06 December 2017

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

The European Commission ruled in 2016 that the tax arrangement was illegal under EU state aid rules, but Apple and Ireland have both appealed the order.

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The Irish government has reached an agreement with Apple to start collecting the 13 billion euros ($15 billion) owed by the tech giant, it announced Monday.

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

Ireland's Department of Finance called the move "extremely regrettable", saying that it had already been making progress toward dealing with "the unprecedented recovery amount" it had to collect from Apple.

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Apple agreed to place the money into escrow, but as $15B escrow funds aren't exactly available as off-the-shelf financial products, and the iPhone maker believes it will get its money back when a court finally rules, it wanted to negotiate the terms of the escrow fund - presumably to ensure that it is earning a decent return.

The Republic of Ireland has been giving Apple a sweetheart deal which has meant in many years the company has been paying an effective tax rate of 1% to as low as 0.005 percent, and the European Union has not been happy about it. Jersey is a self-governing dependency of the United Kingdom, and the island does not charge corporate tax for most companies.

Both Apple and Ireland have argued against the ruling.

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Apple To Pay Irish State Aid Bill From 2018