Apple to start paying €13bn Irish tax bill within weeks

Ireland signs landmark agreement to recover Apple taxes

The Commission said on Tuesday that it hoped the funds would be recovered fully as soon as possible to allow it to close the EU Court of Justice's action against Ireland for missing that deadline, a spokesman said. Cook is pushing for a European appeals court to overturn the landmark 2016 decision, and that's a big reason why all the funds are being kept in a mutually agreed upon escrow fund.

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

Why does Apple have to pay?

The news comes nearly two years after an investigation by the European Commissioner for Competition, Margrethe Vestager, led to a ruling that forced Apple to pay €13bn in back taxes to Ireland.

Apple has to pay €13 billion, or about $16 billion, as part of a record-breaking back tax judgment from August 2016.

After years of back-and-forth litigation, it was announced this week that Apple will begin paying out the 13 billion Euros ($15 billion) it owes in back taxes to the Irish government beginning next month, according to a Financial Times report which cites "illegal tax benefits" allegedly granted to the Cupertino-company spanning as far back as 2003.

Apple and the Republic of Ireland have concluded a deal that will see the USA manufacturer pay €13bn within weeks.

"The government fundamentally disagrees with the ruling of the commission", Donohoe said.

In the meantime, the money will be held by an escrow account, Donohoe said.

The Commission told Ireland to collect 13 billion euros in back taxes, a figure Ireland's finance department estimated a year ago could reach 15 billion euros including European Union interest.

Apple shouldn't be sweating the fine, even though it's huge.

Apple is set to publish their Q1 results next week.

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