Apple, Ireland in Deal Over $15B in Unpaid Taxes

Apple, Ireland in Deal Over $15B in Unpaid Taxes

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

The European Commission ruled past year that a tax deal that Ireland gave Apple was illegal, and that it owed the country $14.5 billion in back taxes.

This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.

Over a year ago, as Ars reported, the EU's competition chief Margrethe Vestager said that a two-year investigation into so-called sweetheart tax deals in 1991 and 2007 had found Apple guilty of receiving illegal state aid from the Emerald Isle.

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Irish Finance Minister Paschal Donohoe told reporters that the Government has "now reached an agreement with Apple in relation to the principles and operation of the escrow fund". While one might wonder why the Irish government might turn up its nose at $20 billion, by offering annual tax rates as low as 0.005 per cent for over a decade, Ireland essentially acted as a tax haven - a status it has used to attract investment and presence by global corporations.

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.

However, Apple added that it remains confident that the court will overturn the commission's decision after reviewing and reading the evidence they have presented in their defense.

The Irish government must now put the sums in a blocked bank account while waiting for the result of Apple's and its own appeal to the European Commission.

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