Ireland, Apple Agree To Put $15B In Escrow For Tax Dispute

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The Government has finalised an agreement with Apple over the management of an escrow account into which its contested €13 billion tax bill will be paid.

In fact, the European Commission had ordered the government of Ireland to collect the "back taxes" only after concluding that two Irish tax coding permitted by Apple, that is to pay less tax than other businesses.

"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.

In August 2016, Vestager said the tax deal struck between Apple and Ireland for the period 2003 to 2014 was illegal state aid.

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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. This is necessary to defend the integrity of our tax system; to provide tax certainty to business; and to challenge the encroachment of European Union state aid rules into the sovereign Member State competence of taxation.

The government said in a statement late on Monday (4 December) that an agreement had been reached "in relation to the framework of the principles that will govern the escrow arrangements". Per the Journal, the European Commission says it will not close court proceedings against Ireland until all of the money is transferred. The Cupertino, Calif. -based tech company said in a statement that it remains confident the court will overturn the ruling once evidence has been reviewed.

Both Apple and the Irish government have appealed the ruling, but the position in the meantime is that the amount must be collected.

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