Published: Wed, December 06, 2017
Markets | By Noel Gibbs

Apple will repay billions in owed taxes to Ireland

Apple will repay billions in owed taxes to Ireland

While the appeals are still ongoing, the European Commission ordered Ireland to begin collecting Apple's taxes on January 3, and the organization referred Ireland to the EU Court in October for failing to comply with the deadline.

The money which has now agreed to be paid will be held in a special bank account as both the Irish government and Apple are lodging appeals against the European Commission's ruling.

As part of the EU's 2016 ruling, it said that the tax arrangements Ireland offered Apple between 1991 and 2007 meant that Apple only had to pay tax rates between 0.0005 percent and 1 percent on all of its European profits right up until 2014.

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But Apple executives later told Reuters that it plans to appeal the ruling at Europe's second-highest court, saying the company had been targeted because of its success.

Apple has made a string of investments in the country over the last few years, and the Irish Government fears that the tax bill will affect jobs.

Speaking in Brussels, Irish finance minister Paschal Donohoe said: "We have now reached agreement with Apple in relation to the principles and operation of the escrow fund".

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"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", the iPhone vendor said in a statement to the Journal.

Back in 2016, the European Union ordered Dublin to retrieve billions of euros in back taxes. The Cupertino, Calif. -based tech company said in a statement that it remains confident the court will overturn the ruling once evidence has been reviewed.

Ireland and Apple have reached an agreement that will see the technology giant start paying the EUR13bn (USD15.4bn) it is alleged to owe in back taxes.

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