Finance

Ireland to finally start reclaiming Apple back taxes

Ireland to finally start reclaiming Apple back taxes

Last year, the European Commission ruled that Apple had taken part in an illegal deal with the Irish government and that the company owed around $14.5 billion in back taxes. Dublin indicated the the collection was stalled due to negotiations over the escrow account, set to hold the dues while the decision is appealed in court.

Ireland expects the United States iPhone maker to start paying billions in back taxes, after the European Union said in 2016 the money was the result of Apple receiving unfair tax incentives and launching a lawsuit against Ireland.

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 European Commission in 2016 accused Ireland of providing as much as €13 billion ($15.5 billion) in impermissible state aid through a tax agreement with Apple that.




The government said in a statement Monday that an agreement had been reached "in relation to the framework of the principles that will govern the escrow arrangements".

Money from Apple will start to be paid into the account from the first quarter of 2018, the Minister said. The deal had allowed Apple to pay an effective corporate tax rate of one percent on its European profits in 2003, down to as low as 0.005 percent in certain years, according to Vestager. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law.


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