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Apple agrees to start paying €13bn tax bill early 2018 – a year after deadline

Apple is expected to start paying up to €13bn in back taxes into an escrow account in the first quarter of 2018, Finance Minister Paschal Donohoe said.

“We have now reached agreement with Apple in relation to the principles and operation of the escrow fund,”Mr Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager.
“We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year.”

It is understood that the account will be up and functioning by the end of March.
The European Commission said the record sum was the result of Apple receiving unfair tax incentives from Ireland.

More than a year after the EU ordered it repaid, Ireland’s slow pace in recovering the money has landed it in court.
Ireland is now seeking an investment manager and a custodian to operate the account and expects to appoint both next month.

Both Dublin and Apple have challenged the EU order.
Last month, Ms Vestager said she had been given “no indication” of when Ireland will begin to collect the €13bn from Apple.

Article Source: http://tinyurl.com/kbwqb42

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