Apple poised to pay Ireland billions in back taxes as appeal looms

25 April, 2018, 15:19 | Author: Yolanda Murray
  • Image Credit Reuters

In 2016, the European Commission ruled that Apple had to pay $15 billion to Ireland, after determining that the low tax rate given to the USA technology giant by Irish tax authorities broke the state aid rules.

Here's an European Union graphic that shows how Apple was able to have a large amount of revenue that wasn't taxed in any jurisdiction - even Ireland, where Apple subsidiaries were based.

In December, however, Apple was ordered to pay the tax levy while it continues to battle its case in European courts.

It's starting to pay the funds into an escrow account.

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It's time for Apple to pay the tax man. As a result of the delays, Apple may be faced with up to $2 billion in additional interest that will be owed after the original $16 billion is handed over to Irish authorities.

On April 24, the Irish Government announced it had come to an agreement with American tech giant Apple over the repayment of taxes that had previously been forgone under a friendly tax scheme.

Apple's 13 billion euro Irish tax bill will be paid this year, Ireland's finance minister said.

Now Ireland will collect the penalty, it said on Tuesday, although there's still a chance Apple could get the money back.

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In the meantime, the money will be held by an escrow account, Donohoe said.

Apple's general counsel and leading corporate attorney, Bruce Sewell, before the company's initial appeal was even submitted, claimed that Apple had characterized the EU's judgment as a "misunderstanding" about how large corporations like it operate, saying the move was meant to "generate lots of headlines".

Irish finance minister Pascal Donohoe said all the payments would be made via an escrow account by the end of the third quarter of 2018. Apple said it had already set aside the money, and the company still has $285.1 billion in cash and marketable securities, according to its last earnings report.

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