undergroundnewsroom.com May 27, 2018

Apple To Put $16B In Escrow For EU Row Over Irish Taxes

25 April 2018, 03:16 | Clyde Nash

Image Credit Reuters

Image Credit Reuters

The news comes nearly two years after an investigation by the European Commissioner for Competition, Margrethe Vestager, led to a ruling that forced Apple to pay €13bn in back taxes to Ireland.

Irish taxpayers will not have to cover any potential losses if a fund holding €13 billion in back taxes from Apple drops in value before legal proceedings have concluded, the finance minister has said.

Donohoe said the escrow arrangement for "the recovery of alleged state aid" would be signed sometime on Tuesday.

Back in 2017, Ireland faced the prospect of being fined by the European Union for non-compliance with the governing body's ruling.

Describing yesterday's agreement as a "significant milestone" the Minister said that the agreement means that the Government can proceed and appoint investment managers to look after the fund.

Apple is expected to pay in multiple installments, with all money transferred by the end of this year's third business quarter.

Why does Apple have to pay?

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However, he added that "the [Irish] Government fundamentally disagrees with the ruling of the Commission" in 2016 that ordered the country to collect around €13 billion plus interest from Apple.

The European Commission ruled in August 2016 that Apple had received unfair tax incentives.

What is the disagreement about? .

In October 2017, the European Commission referred Ireland to the European Court of Justice for having failed to recover the money from Apple a year after its ruling.

On April 24, the Irish Government announced it had come to an agreement with American tech giant Apple over the repayment of taxes that had previously been forgone under a friendly tax scheme.

At the center of the original dispute is whether the extremely low 0.005% effective tax rate granted to Apple by the Irish government was legally allowed.

"We expect the appeal is likely to begin in the autumn", Donohoe told journalists on Tuesday.

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