gpolit.com
gpolit.com December 17, 2017


Apple will repay billions in owed taxes to Ireland

06 December 2017, 12:19 | Kenneth Drake

Apple strikes interim deal on escrow fund for $15B Irish tax claim

USA Apple Laden in New York

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.

Both the Irish Government and Apple have appealed the Commission's ruling.

Irish finance chief Paschal Donohoe said Apple will start paying the money into an escrow fund during the first quarter of 2018. 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.

The EU ruling that Ireland offered illegal state aid to Apple, and must recover €13B ($15B) in underpaid taxes, marked the end of a long-running investigation - but not the end of the dispute ...

Not just Apple, Amazon was also ordered to repay $293 million in back taxes after the European Commission said it had been given an unfair tax deal in Luxembourg.

What did Apple do exactly to warrant a payment as big as €13 billion? 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. Not only is it ethically questionable, the European Commission declared this as state-aid which is illegal.

Earlier this month, Irish Prime Minister Leo Varadkar said that he did not "want to be in a situation where the Irish Government has to take Apple to court because the European Commission is taking the Irish Government to court".

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



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