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.
In 2016, the European Commission ruled that Apple had to pay $15 billion to Ireland, after determining that the low tax rate given to the U.S. technology giant by Irish tax authorities broke the state aid rules.
In the meantime, the money will be held by an escrow account, Donohoe said.
"It is expected that the full recovery will be effected by the end of quarter three, 2018".
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Describing yesterday's agreement as a "significant milestone" the Minister said that the agreement means that the Government can proceed and appoint investment managers to look after the fund.
It's time for Apple to pay the tax man.
In August 2016 the commission found that Ireland gave Apple illegal state aid in deals struck between the company and Revenue in 1991 and 2007.
Last October, the European Commission said it would be taking Dublin to court for delays in collecting the funds. Ireland had allowed Apple to pay a maximum tax rate of just one percent, significantly lower than its usual corporate tax rate of 12.5 percent.
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What is the disagreement about? .
In December, however, Apple was ordered to pay the tax levy while it continues to battle its case in European courts.
Apple and the Irish Government are appealing the Commission's ruling on the grounds that the tax treatment did not break Irish or European Union law.
Despite the back-and-forth appealing which has gone on for nearly two-years now, it's expected that given the sheer magnitude of the $15 billion being contested, if these appeals continue (and they more than likely will, knowing Apple) then we could be looking at another few years of the same legal drama. He added that he expects the escrow account to be fully funded by the end of September.
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