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

The European Commission ruled in 2016 that Apple must reimburse the Irish state €13 billion in back taxes

The European Commission ruled in August 2016 that the iPhone maker must reimburse the Irish state a record 13 billion euros to make up for what it considered to be unpaid taxes over a number of years.

Irish Finance Minister Paschal Donohoe told reporters that the Government has "now reached an agreement with Apple in relation to the principles and operation of the escrow fund".

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.

The Commission in October had routinely initiated proceedings against the Government for its failure to recover the tax, which had been ruled by the Commission as an illegal favouring of the company by the Irish authorities.

"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", Apple said in a Monday statement according to UPI.

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Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager on Monday that Ireland and Apple had reached an agreement to "the principles and operation of the escrow fund" into which the United States iPhone maker was expected to pay the money.

"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money".

However, Apple added that it remains confident that the court will overturn the commission's decision after reviewing and reading the evidence they have presented in their defense.

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