Taxpayers 'won't foot bill' if €13bn Apple tax fund falls in value

Taxpayers 'won't foot bill' if €13bn Apple tax fund falls in value

Taxpayers 'won't foot bill' if €13bn Apple tax fund falls in value

It was in October that the Commission stepped forward to disclose that it was determined to take Dublin to the European Court of Justice. The cash will be kept in an escrow account, where it will stay until one side wins.

Why does Apple have to pay?

The commission has accused Ireland of providing Apple with impermissible state aid through tax agreements that, it claims, are not in keeping with worldwide norms and violate European Union treaty law that forbids tax preferences for individual corporations or enterprises. The decision weighed in Ireland's favor (really the EU's favor as Ireland is somehow attempting to delay recovering the money) back in August 2016.

Apple and the Republic of Ireland have concluded a deal that will see the U.S. manufacturer pay €13bn within weeks.

Announcing the signing of a legal agreement between Apple and the Irish Government yesterday, Minister for Finance Paschal Donohoe TD said that he expects a first payment to be made next month, following which all payments are expected to be received by the end of September. Donohoe said he "fundamentally disagrees with the ruling", but will collect it regardless.

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While the European Union has repeatedly challenged the "incentivized" tax rate as a "special arrangement" granted only to Apple, both Cupertino and the Irish government have remained steadfast in their rejection of the EU's notion.

Donohoe said the escrow arrangement for "the recovery of alleged state aid" would be signed sometime on Tuesday. It ordered the government to collect €13 billion in the unpaid funds, plus interest.

Apple shouldn't be sweating the fine, even though it's huge. Apple will start making payments this quarter, with all of the funds in the escrow account by the end of the third quarter.

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