Published: Wed, December 06, 2017
Global | By Shelia Dennis

Ireland to collect $15B in back taxes from Apple

Ireland to collect $15B in back taxes from Apple

Pending the European Court of Justice decision, Ireland was told to hold the disputed tax in an independently managed escrow account.

Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager on Monday that Ireland and Apple had reached an agreement to "the principles and operation of the escrow fund" into which the U.S. iPhone maker was expected to pay the money.

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Last year, the European Union determined that a deal between Ireland and Apple for tax incentives was illegal and ordered Dublin to recover uncollected taxes for the years between 1991 and 2007.

To view the full article, register now. It has taken just over a year, but Apple and Ireland have finally reached an agreement to start collecting the money and placing it into an escrow account.

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Ireland now has one of the lowest corporate tax rates in Europe, asking for just 12.5 percent of big business profits. Despite Apple not wanting to pay the bill - and the Irish Government not wanting to receive it - the two sides have now come to an agreement that means the money owed will now be collected.

According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014. Though some governments have responded with the tax holiday workaround-essentially meeting the companies in the middle by offering temporary tax breaks to bring the money home-that's backfired big time. The Government has denied favouring Apple and has joined the company in appealing the original ruling.

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