Apple 'to pay 13 billion euro Irish tax bill this year'

Apple 'to pay 13 billion euro Irish tax bill this year'

Apple 'to pay 13 billion euro Irish tax bill this year'

In December, however, Apple was ordered to pay the tax levy while it continues to battle its case in European courts. Cook is pushing for a European appeals court to overturn the landmark 2016 decision, and that's a big reason why all the funds are being kept in a mutually agreed upon escrow fund.

It's time for Apple to pay the tax man.

The commission has accused Ireland of providing Apple with impermissible state aid through tax agreements that, it claims, are not in keeping with global norms and violate European Union treaty law that forbids tax preferences for individual corporations or enterprises. As a result of the delays, Apple may be faced with up to $2 billion in additional interest that will be owed after the original $16 billion is handed over to Irish authorities.

Announcing the signing of a legal agreement between Apple and the Irish Government yesterday, Minister for Finance Paschal Donohoe TD said that he expects a first payment to be made next month, following which all payments are expected to be received by the end of September. Apple and Ireland have rejected the finding and are appealing... Ireland's finance department has pondered over the matter for quiet sometime and has finally made its statement outlining that it had estimated it to be about 15 billion euros but that was incorporating the European Union interest.

"The Government fundamentally disagrees with the ruling of the Commission".

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In the meantime, the money will be held by an escrow account, Donohoe said.

The agreement sets the groundwork for the collection of money, as the custodian and investment managers for the account can now be appointed, and formal accounts can be opened into which funds will be paid.

Apple shouldn't be sweating the fine, even though it's huge.

Irish finance minister Pascal Donohoe said all the payments would be made via an escrow account by the end of the third quarter of 2018.

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