Apple reaches deal with Ireland over $15B tax ruling

Apple reaches deal with Ireland over $15B tax ruling

Apple Inc. and Ireland have reached an agreement on the terms of an escrow fund, allowing the transfer of roughly €13 billion ($15.46 billion) in allegedly unpaid taxes that the European Union ordered Dublin to retrieve, beginning in the first quarter of next year, Ireland's finance chief said Monday. But Ireland was rather slow to start collecting that cash, which led the Commission to refer the Irish government to the European Court of Justice in October due to Ireland's non-compliance with the 2016 ruling.

The WSJ reports that Apple and the Irish government have now agreed the terms of this account.

While the decision is being appealed, the money will be held in an escrow fund. Apple has said it wanted to negotiate the interest rate of the escrow fund.

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As part of the EU's 2016 ruling, it said that the tax arrangements Ireland offered Apple between 1991 and 2007 meant that Apple only had to pay tax rates between 0.0005 percent and 1 percent on all of its European profits right up until 2014.

"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", an Apple spokesperson said in an emailed statement. We may get more information on the fund, its management and the timing of Apple's payments during the company's next earnings report in January.