Technology Apple, Ireland strike deal on 13-billion-euro tax payment

19:52  24 april  2018
19:52  24 april  2018 Source:   afp.com

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4, 2017, that Ireland has struck a deal with Apple to collect up to 13 billion euros ( billion) in back taxes and hold it in an escrow account pending an appeal before the European Court of Justice.

APPLE has been ordered to pay a stupendous billion in taxes after a special scheme to reroute its profits was exposed. The European Union has ordered Apple to pay $ 13 billion euros after finding its tax deal with Ireland amounted to illegal state aid.

The European Commission's demand for Apple to pay Ireland some 13 billion euros in back taxes had put the country in the strange position of refusing the windfall for fear of scaring away valuable investment© Provided by AFP The European Commission's demand for Apple to pay Ireland some 13 billion euros in back taxes had put the country in the strange position of refusing the windfall for fear of scaring away valuable investment Ireland's government on Tuesday said it was signing a deal with Apple for the US tech giant to pay 13 billion euros ($16 billion) in back taxes as ordered by the European Commission.

The formal signature is expected later on Tuesday and the money will go into an escrow account, a type of third-party account used in transactions, the finance ministry said in a statement.

The money is expected to be paid into the account by the third quarter of this year pending an appeal against the EU ruling by Apple and the Irish government, the ministry said.

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The European Union’s antitrust regulator on Tuesday ruled that Apple Inc.’s tax arrangement with Ireland breached state-aid rules, ordering the Irish government to recover as much as 13 billion euros (.5 billion) in taxes from the tech giant.

The European Commission (EC) ordered Apple to pay Ireland unpaid taxes of up to 13 billion euros (.5 billion) on Tuesday as it ruled the firm had received illegal state aid. What is the EC alleging? The European Union’s (EU) executive arm has ruled that Ireland made a deal with Apple that had no

Finance Minister Paschal Donohoe said the government still "fundamentally disagrees" with the 2016 ruling which said Apple had benefited from illegal tax breaks offered by Ireland.

Donohoe said Ireland would, however, comply with its "binding legal obligations" as a European Union member state.

Apple has its European headquarters in Ireland.

"This is the largest recovery fund of its kind ever to be established," Donohoe said, explaining delays in the process of establishing the account.

The European Commission has said that Apple had received favourable tax terms in Ireland that amounted to state aid.

The government claimed that Apple has paid the full amount due to the Irish state from 2004 to 2014 and denies it gave it "selective treatment".

But the European Commission said Apple paid an effective corporate tax rate of just 0.005 per cent on its European profits in 2014 -- equivalent to just 50 euros for every million.

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