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One year later, Apple agrees to pay Ireland $15B in back taxes

06 December, 2017, 00:17 | Author: Paula Vaughn
  • Apple strikes interim deal on escrow fund for $15B Irish tax claim

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

Last year, the European Commission ruled that Apple should have to pay £11 billion in back taxes after the company funneled money through Ireland to avoid paying larger taxes on profits made throughout Europe. He added that the Government expects that "the money will begin to be transmitted into the account from Apple across the first quarter of next year".

This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.

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

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While the appeals are still ongoing, the European Commission ordered Ireland to begin collecting Apple's taxes on January 3, and the organization referred Ireland to the EU Court in October for failing to comply with the deadline.

The Commission in October had routinely initiated proceedings against the Government for its failure to recover the tax, which had been ruled by the Commission as an illegal favouring of the company by the Irish authorities. "We remain confident the General Court of the European Union will overturn the Commission's decision once it has reviewed all the evidence".

Apple insists it did nothing wrong and that eventually, its Irish treasure horde will be returned to Cook and crew.

The European Commission ordered Apple to pay the sum past year.

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