Ireland to start collecting billions in back taxes from Apple

Ireland to start collecting billions in back taxes from Apple

Ireland to start collecting billions in back taxes from Apple

A joint appeal of the Irish government and the USA tech giant Apple against an European Union ruling on the company's unpaid taxes is likely to be considered in fall, Irish Minister for Public Expenditure and Reform Paschal Donohoe said.

The tech giant on Tuesday was expected to sign an agreement with Ireland finance minister Paschal Donohoe to set up a tax-repayment plan worth 13 billion euros ($15.9 billion), according to the Financial Times.

Apple will appeal the ruling, which is likely to take place this fall.

Although Apple has changed its tax structure since the commission's ruling, it remains a big investor in Ireland with large amounts of intellectual capital held in the country.

"The Government fundamentally disagrees with the ruling of the Commission".

He said he expected the appeal was likely to begin in the autumn.

Last October, the European Commission said it would be taking Dublin to court for delays in collecting the funds. The European appeals process may last up to four years.

The signing of the Escrow Framework Deed by the Minister for Finance and Apple allows for the appointment of the Escrow Agent/Custodian and the Investment Managers.

At the time, it said: "The goal of the state aid rules is to tackle state interventions which confer a selective advantage".

Bank of New York Mellon has been selected as preferred tenderer for the provision of escrow agency and custodian services in relation to the account while Amundi, Blackrock Investment and Goldman Sachs have been selected to manage the money.

"Any loss from the fund will reside with the fund, not with the taxpayer", he said.

The Commission slapped Apple with its massive tax bill in 2016 after it charged the company with obtaining illegal state aid from Ireland to significantly reduce its tax burden.

Apple has said that it pays its fair share of taxes and in the US, is the biggest taxpayer.

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