Tags: APFN | EU | Ireland | Apple

Ireland to Start Collecting $15 Billion in Tax from Apple

Tuesday, 05 December 2017 06:38 AM

LONDON (AP) — Ireland has struck a deal with Apple to collect up to 13 billion euros ($15 billion) in back taxes and hold it in an escrow account pending an appeal before the European Court of Justice.

The government said in a statement Monday that an agreement had been reached "in relation to the framework of the principles that will govern the escrow arrangements."

The European Commission had ordered Ireland to collect the money after concluding that two Irish tax rulings allowed Apple to pay less tax than other businesses — thus giving them an unfair advantage. The Commission ordered Ireland to collect back taxes for the years 2003-2014, which it estimated to be as much 13 billion euros plus interest.

Ireland disagreed with the Commission's analysis and appealed the decision.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
Ireland has struck a deal with Apple to collect up to 13 billion euros ($15 billion) in back taxes and hold it in an escrow account pending an appeal before the European Court of Justice.The government said in a statement Monday that an agreement had been reached "in...
APFN,EU,Ireland,Apple
130
2017-38-05
Tuesday, 05 December 2017 06:38 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved