Apple To Be Charged $15 Billion As Back Tax By Ireland

Dianna Christensen
December 6, 2017

Last year, the European Commission ruled that Apple had taken part in an illegal deal with the Irish government and that the company owed around $14.5 billion in back taxes.

An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

The ruling by the European Commission past year stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland.

The government said in a statement late on Monday (4 December) that an agreement had been reached "in relation to the framework of the principles that will govern the escrow arrangements". He added that the Government expects that "the money will begin to be transmitted into the account from Apple across the first quarter of next year".

Conyers To Retire Amid Sexual Harassment Allegations
Williams said. "We are saying , 'Hell no.' We want him to run for as long as his health allows". Shortly thereafter, the RNC renewed their financial support of Roy Moore's campaign.

As Chabahar Port Is Inaugurated, India Sails Through the Unwanted
On Sunday, the first phase of the Chabahar port was officially inaugurated by Hassan Rouhani , the President of Iran . The port, located on the coast of the Gulf of Oman in Iran's southeastern Sistan-Baluchestan province, has two docks.

Facebook rolls out kids version of Messenger
Facebook, world's biggest social media platform, on Monday launched its messenger app for children below the age of 13. Facebook has been focusing on capturing younger users as it faces competition from Snapchat.

Ireland disagreed with the EC's analysis and appealed the decision. This is necessary to defend the integrity of our tax system; to provide tax certainty to business; and to challenge the encroachment of European Union state aid rules into the sovereign Member State competence of taxation.

Now it appears Apple and Ireland have agreed to cooperate, and pay $15.4 billion to the Irish government, all while however still continuing litigating the case. "Until the illegal aid is recovered, [Apple] continues to benefit from an illegal advantage, which is why recovery must happen as quickly as possible", the Commission said in a statement at the time.

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".

Both Apple and Ireland have argued against the ruling.

Other reports by GlobalViralNews

Discuss This Article