BRUSSELS: Ireland will begin collecting €13 billion ($15.46 billion) in back taxes from Apple Inc. as soon as early next year after both sides agreed to the terms of an escrow fund for the money, Ireland’s finance chief said Monday.
The European Union in 2016 ordered Dublin to retrieve the billions of euros from Apple in uncollected taxes, which the EU said Apple avoided paying with the help of sweetheart tax deals from Ireland.
“We have now reached agreement with Apple in relation to the principles and operation of the escrow fund,” Mr Donohoe said.
“We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year.”
The acquired sum will be put in a blocked bank account until Ireland and Apple’s appeal against the EU’s decision is processed.