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

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

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

Ireland reportedly will begin collecting more than $15 billion in back taxes from Apple in a move that could mark the end of a long-running dispute with the European Union.

Apple has made a string of investments in the country over the last few years, and the Irish Government fears that the tax bill will affect jobs.

The EU's ruling also angered a number government leaders in Ireland, who filed their own appeal on the grounds that the ruling infringes on the nation's sovereignty and harms its ability to attract business.

European Commissioner Margerthe Vestager ruled that Apple was receiving illegal state aid from 2003 to 2014.

Apple may or may not be losing its tax advantage in Ireland, but the company has apparently been exploring other options for tax havens in Europe.

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

Ireland disagreed with the EC's analysis and appealed the decision.

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 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".

Ireland and Apple have reached an agreement that will see the technology giant start paying the EUR13bn (USD15.4bn) it is alleged to owe in back taxes.

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