Ireland to collect $15B in back taxes from Apple

Ireland to collect $15B in back taxes from Apple

Ireland to collect $15B in back taxes from Apple

The government of Ireland had said in a statement on Monday that, "an agreement had been reached in relation to the framework of the principles that will govern the escrow arrangements".

The European Commission (which made the original ruling) expects the money to be transferred to an escrow account during the first quarter of the new year.

Ireland built its economic success on being a low tax entryway for multinationals seeking access to the European Union, and is concerned that collecting the back taxes could dent its attractiveness to firms.

Apple will start implementing an August 2016 European Commission ruling, paying Dublin billions of Euros in back taxes.

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

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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 USA iPhone maker was expected to pay the money.

The $15,4 billion will start flowing into Irish coffers in Q1 2018, but Apple continues to deny any wrongdoing.

Both the Irish Government and Apple have appealed the Commission's ruling.

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".

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

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