Apple Agrees to Deal With Ireland Over $15 Billion Unpaid Tax Issue
The Wall Street Journal (Dec. 4, Drozdiak) reports that "Ireland will begin collecting €13 billion (US$15.46 billion) in back taxes from Apple Inc. as soon as early next year after both sides agreed to the terms of an escrow fund for the money." Last year, the European Union (EU) ordered Dublin to retrieve billions of euros from the U.S. technology giant in uncollected taxes. However, a year after that decision, Ireland still had not recouped the money. This resulted in the EU in October referring Dublin to the European Court of Justice, the bloc's highest court. "Ireland has said the money collection was held up by negotiations over the escrow account, which will hold the company's dues while both Apple and Ireland appeal the EU's 2016 decision in court," states the newspaper. Irish Finance Minister Paschal Donohoe expects the flow of money from Apple to start in next year's first quarter.
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