Ireland to finally start reclaiming Apple back taxes

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

Apple will start paying back some €13 billion in back taxes to Ireland in 2018.

As a result of both parties contesting the ruling, the matter is now awaiting a European Court of Justice decision, and the money will be paid into the escrow account in the interim.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", Finance Minister Paschal Donohoe said in Brussels in quotes confirmed to AFP by Ireland's finance ministry.

American tech firm Apple has confirmed that it's to comply with a ruling from the European Commission and pay Ireland billions owed in taxes. 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.

Having long disputed the ruling and failing to collect the tax, the case was sent to the European Court of Justice.


As no money has been recovered to date, the European Commission itself referred Ireland to the ECJ in October for failing to recover what it found to be "illegal aid" to Apple.

Ireland has said that negotiating the terms of that fund is what has held up its collection of the money, but the European Commission said that the action it has taken against Ireland for failing to follow the 2016 ruling will proceed until the money is collected in full.

Apple has denied any wrongdoing and has also said that it received no "special deal".

However, Apple added that it remains confident that the court will overturn the commission's decision after reviewing and reading the evidence they have presented in their defense.

Related:

Comments

Latest news

Mueller's Russian Federation probe has cost millions - DOJ
Mueller is investigating alleged Russian attempts to influence the election, and potential collusion by Trump aides. Deutsche Bank spokesman Chalie Olivier told Newsweek the bank declined to comment on the matter.

Microsoft highlights the benefits of Windows 10 on ARM
The HP Envy x2 will be available in spring next year, while no timeframe has been shared for the ASUS NovaGo yet. The device runs Windows 10 S out of the box, you will however able to upgrade to Windows 10 Pro.

Voyager 1 fires thrusters last used in 1980 - and they worked!
Voyager 1 will switch back to its other thrusters once the probe no longer has enough power for the heaters, officials said. These are located on the back of the spacecraft and are identical to the thrusters that they've used so far.

Shashi Kapoor: The child star who directed a Russian film
Vice-president M Venkaiah Naidu said Kapoor will be remembered for the memorable roles he played in a number of films. He went on to immortalize characters like Prem Sagar in The Householder and Sanju in Shakespeare-Wallah respectively.

Woman sues Bill O'Reilly and Fox for defamation over sex harassment
In Monday's complaint, Bernstein's lawyer's said she did not discuss her settlements with the Times . The New York Times first reported on Bernstein's settlement with O'Reilly earlier this year.

ICG issues warning as cyclone Ockhi heads for Maharashtra, Gujarat
Meanwhile, The Navy, Coast Guard and Air Force are engaged in rescue operations with their ships, aircraft and helicopters. The intensity of the cyclone is likely to weaken on Monday and subsequently on Tuesday.

Warm Tuesday, but wet snow possible late this week
Dale said there's no significant snowfall in the forecast but there is a chance for some snow showers Tuesday evening. Tuesday night should be mild and breezy as the rain will continue with the cold front crossing the region.

Washington Huskies to face Penn State Nittany Lions in Fiesta Bowl
Mike will have one final game in which he will represent Penn State University on Saturday, December 30 at 4 p.m. Penn State will compete in the Fiesta Bowl in Glendale, Arizona against Pac-12 opponent Washington University.

Here's what an 8-team College Football Playoff would have looked like
Last year , Ohio State was involved in a bit of a controversy again when it didn't win its conference but got in. And the Tide's inclusion also means its the first time the playoff has taken two teams from the same conference.

Jak and Daxter PS2 Classics coming to the PS4 on December 6th
Together, the entirety of Naughty Dog's Jak and Daxter installments will be playable on the current Sony platform. Back in April, we learned that Jak and Daxter were set to make their return in the form of PS2 Classics on PSN.

Time for US Military Families to Leave S. Korea: Sen. Lindsey Graham
But it is the stealth fighters that experts say pose the biggest threat to Pyongyang. But it also put up bravado over the presence of the F-22s and F-35s.

India's Infosys taps Capgemini exec Parekh as CEO
He was also the company's Chairman of the North America Executive Council. His departure will be effective on January 1, the statement said.

Dante Cunningham listed as Pelicans' starter in place of Anthony Davis (groin)
Davis was injured Friday night early in the fourth quarter of 114-108 loss to the Utah Jazz . As it turns out, the injury will hold him out for longer than just part of Friday's game.

Mitch McConnell Says Republicans Have The Votes To Pass Tax Bill
Senate leaders both declared the report junk and claimed it vindicates their claim that the tax bill will pay for itself. Trump and other Republicans insist that the corporate tax rate must be reduced from 35 percent to 20 percent.

Trump alters story on why he fired Flynn
Earlier in February, former FBI director James Comey said that Trump asked him to stop the investigation into Flynn. The White House has denied that the conversation occurred as Comey described.

Other news