Government reaches agreement on €13bn Apple tax account

by Frankie Norman December 6, 2017, 0:15
Government reaches agreement on €13bn Apple tax account

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".

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. Then, Ireland disagreed with the Commission's analysis and appealed the decision.

European Commissioner Margerthe Vestager ruled that Apple was receiving illegal state aid from 2003 to 2014.

Apple, whose CEO Tim Cook likes to talk a big game about how the tech industry should be more socially responsible while overseeing an global tax-avoidance regime that puts Scrooge McDuck's gold-filled vault/swimming pool to shame, has agreed to repay Ireland €13 billion ($20 billion) in unpaid taxes, the Wall Street Journal reported.

The $15,4 billion will start flowing into Irish coffers in Q1 2018, but Apple continues to deny any wrongdoing.

So the Commission referred the Irish government to the European Court of Justice in October due to Ireland's non-compliance with the 2016 ruling.

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law. Apple says the amount it's being told to repay is inaccurate, and Ireland says that the European Union has overstepped its authority by requiring it to make Apple Pay that debt.

The Irish Finance Ministry said: "These sums will be placed into an escrow fund with the proceeds being released only when there has been a final determination in the European Courts over the validity of the Commission's Decision".

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