Apple will repay billions in owed taxes to Ireland

Apple strikes interim deal on escrow fund for $15B Irish tax claim

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.

"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.

To view the full article, register now. Dublin indicated the the collection was stalled due to negotiations over the escrow account, set to hold the dues while the decision is appealed in court.

In September 2016, a European Commission investigation concluded that two rulings provided by the Irish Government had "substantially and artificially lowered the tax paid by Apple in Ireland since 1991".

"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year", he added before a meeting with the EU's Competition Commissioner Margrethe Vestager.

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Dublin disagreed with the Commission's analysis and appealed the decision, as did Apple.

"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.

Apple indicated it didn't see the arrangement as a settlement, though, and vowed to continue to fight to have the judgment overturned. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

Apple also said that it is "the largest taxpayer in the world" and that it "pays every dollar it owes in every country around the world".

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