Apple to start €13bn payments in March
Apple is expected to start paying up to €13bn in back taxes into an escrow account in the first quarter of 2018, Finance Minister Paschal Donohoe has said. "We have now reached agreement with Apple in relation to the principles and operation of the escrow fund," Mr Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager.
"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year."
It is understood that the account will be up and running by the end of March. The European Commission said the record fine was the result of the US multinational technology company receiving unfair tax incentives from Ireland.
More than a year after the Commission's ruling, Ireland faced potential legal proceedings for not recovering the sum.
Ireland is now seeking an investment manager and a custodian to operate the account and expects to appoint both next month. The agreement is pending a legal challenge to the Commission's ruling that Ireland's tax arrangement with the multinational was in breach of state aid rules. Last month, Ms Vestager said she had been given "no indication" of when Ireland will begin to collect the €13bn. (Additional reporting Reuters)