Ireland makes deal to collect $20B in back taxes from Apple

NATION-NOW     Apple inks deal with Ireland to pay $15 billion in back taxes     
       Apple in deal to pay Ireland $15 billion in taxes

NATION-NOW Apple inks deal with Ireland to pay $15 billion in back taxes Apple in deal to pay Ireland $15 billion in taxes

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.

While it may seem the tax rate Ireland sets for Apple is only their own business, Ireland is also a recipient of aid from the European Union, of which they would need less of if they collected more actual tax from the businesses based there. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

Apple may or may not be losing its tax advantage in Ireland, but the company has apparently been exploring other options for tax havens in Europe.

Starting next year, will have to start paying Ireland back billions of back taxes.

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

As no money has been recovered to date, the European Commission itself referred Ireland to the ECJ in October for failing to recover what it found to be "illegal aid" to Apple. Despite Apple not wanting to pay the bill - and the Irish Government not wanting to receive it - the two sides have now come to an agreement that means the money owed will now be collected.

The Irish Finance Ministry said: "These sums will be placed into an escrow fund with the proceeds being released only when there has been a final determination in the European Courts over the validity of the Commission's Decision". The Government has denied favouring Apple and has joined the company in appealing the original ruling.

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