Published: Tue, December 05, 2017
Money | By Armando Alvarado

Apple reaches deal with Ireland over $15B tax ruling

Apple reaches deal with Ireland over $15B tax ruling

The Irish government has finally com e to an agreement with Apple, to begin collecting the €13bn it is owed by the iPhone creators.

Last year, the European Commission ruled that Apple should have to pay £11 billion in back taxes after the company funneled money through Ireland to avoid paying larger taxes on profits made throughout Europe.

Both Apple and Ireland are continuing to fight the ruling - Ireland has said that the European Union overstepped its authority and got some of the country's laws wrong while Apple has maintained that the amount it's being told to repay was miscalculated.

Both Ireland and Apple have dragged their feet on complying with the ruling.

These global tax havens allow major companies to stash away huge piles of money that would otherwise be taxed in their home countries.

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Justice Department last month as a foreign agent following a demand from Washington. The law comes in response to the US Congress's moves towards RT America.

While the Cupertino-based company is showing willing in offering up money, it believes it will win its appeal. The country strategically uses low tax rates to spur domestic investment from foreign corporations.

Irish Finance Minister Paschal Donohoe then announced today that Ireland expected money from Apple to start flowing into an escrow account starting in the first quarter of 2018.

Apple insists it did nothing wrong and that eventually, its Irish treasure horde will be returned to Cook and crew.

"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", an Apple spokesperson said in an emailed statement.

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