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Apple, Ireland strike deal on 13-billion-euro tax payment

Apple, Ireland strike deal on 13-billion-euro tax payment

The European Commission ruled in 2016 that the Irish government had been unfairly lenient over Apple's tax and forced the tech giant to pay?13bn back in taxes.

Despite the back-and-forth appealing which has gone on for nearly two-years now, it's expected that given the sheer magnitude of the $15 billion being contested, if these appeals continue (and they more than likely will, knowing Apple) then we could be looking at another few years of the same legal drama. "How long the hearings will last will depend on the judges overseeing it and could be open to either party after that to take any further actions", he told Reuters.

When interest is added the final figure could reach €15 billion but the Department of Finance said it was not possible to calculate the interest until all the money had been recovered. For its part, Apple will still claim the cash as "restricted free cash" on its balance sheets until all appeals are exhausted.

Last October the Commission said it was also taking Dublin to the European Court of Justice over delays in recovering the money that was due to be recovered in January 2017, four months on from the initial ruling.

"This is a very, very significant development now in terms of dealing with this issue", said Irish finance minister Paschal Donohoe.




While the European Union has repeatedly challenged the "incentivized" tax rate as a "special arrangement" granted only to Apple, both Cupertino and the Irish government have remained steadfast in their rejection of the EU's notion. It then ordered the company to pay back the fair amount of tax.

Apple announced in January that it is to pay the USA government $38 billion (€31 billion) in tax relating to money it is repatriating to the US.

"The United States government and the Irish government both agree we've paid our taxes according to the law".

The money will be held in an escrow account meaning the proceeds can not be released until there has been a final determination in the European courts over the validity of the Commission's decision.


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