Home > Technology > Government expects Apple back tax in escrow account in early 2018

Government expects Apple back tax in escrow account in early 2018

Written by Business World, on 4th Dec 2017. Posted in Technology

article headline

Ireland expects iPhone maker Apple to start paying up to 13 billion euros in back taxes into an escrow account in the first quarter of 2018, the finance minister said on Monday.

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 order, Dublin'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.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund," Finance Minister Paschal 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."

Both Dublin and Apple have challenged the EU order. (Reuters)

Source: www.businessworld.ie

More articles from Technology

image Description

Pluralsight announces 150 new jobs for Dublin

Read more
image Description

Huawei to expand operations in Cork

Read more
image Description

Technology company to create 53 jobs in Galway

Read more
image Description

Only 37% of Irish workers are able to work away from the office

Read more
image Description

Almost one third of Irish companies have no Digitalisation strategy

Read more