Apple States Its Paid 2 Thirds of $15 Billion Irish Tax Bill

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Apple inc. has to date, paid 2 thirds of the EUR €13 billion (USD $15.1 billion) which EU antitrust regulators said it owes Ireland in back taxes.

Back in August 2016, the European Commission ordered Ireland to recover the money from Apple due to an illegal tax deal which provided the company with an unfair advantage in breach of the bloc’s state aid rules.

In addition, the total amount to be repaid was calculated at EUR €13 billion plus EUR €1 billion in interest.

4.5 billion of the amount was put into escrow as of the 30th of June 2018. Consequent to the 30th of June, the company has funded another 4.5 billion euros into escrow. According to sources, the funds will stay in the escrow account pending appeals by Apple and Ireland against the Commission’s ruling, which are expected to take several years.

The Irish finance minister, Paschal Donohoe, stated that the money would be recovered in numerous payments which starts in the 2nd quarter of 2018, with a view that all funds will be expected to be paid by the end of September 2018.