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giftedviz.com October 18, 2018


Apple finally giving Caesar he's due to the tune of $15 billion

06 December 2017, 12:51 | Austin Hogan

Apple finally giving Caesar he's due to the tune of $15 billion

Ireland's finance minister has said they have come to an agreement with Apple where the iPhone maker is set to pay.4 billion in back taxes in early 2018

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.

The ruling stated that tax benefits received by the tech company were illegal under European Union rules, because they allowed Apple to pay substantially less tax than other businesses.

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.

The government have come to an agreement with Apple for the contested €13 billion tax bill that the company was ordered to pay Ireland.

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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Paschal Donohoe, Ireland's finance minister, said that Apple is expected to begin funnelling money into the fund during the first quarter of 2018.

Now it appears Apple and Ireland have agreed to cooperate, and pay $15.4 billion to the Irish government, all while however still continuing litigating the case.

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.

In a statement, Apple said that it remains confident the court will overturn the commission's decision once it has reviewed the evidence.

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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