Apple Agrees to Repay €13B in Unsettled Tax to Ireland

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US tech giant Apple have signed a legal agreement provisionally approving terms to pay Ireland back EUR €13 billion in what the EU called illegal state aid granted to the company between 2003 and 2014 in the form of favourable tax rulings.

The funds have been paid into an escrow bank account starting last month, where the funds are blocked pending a conclusive ruling on the case by the ECJ (European Court of Justice) in Luxembourg. An escrow bank account is one held by a third party while the two main partakers complete their transaction.