Apple will begin paying Ireland €13 billion in back taxes

Apple will begin paying Ireland €13 billion in back taxes

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

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", said Paschal Donohoe, the finance minister. Now, though, Apple has been forced to agree repayment schedule with the Irish government that will see it begin to make a dent in the €13 billion debt starting early next year.

Given that CEO Tim Cook harps on about the need for tech companies to have a social conscious, you'd have thought Apple would be the last company to do some imaginative accounting and channel its cash around the world to avoid paying hefty tax rates.

Not just Apple, Amazon was also ordered to repay $293 million in back taxes after the European Commission said it had been given an unfair tax deal in Luxembourg. The money which has now agreed to be paid will be held in a special bank account as both the Irish government and Apple are lodging appeals against the European Commission's ruling.

2nd blast brings down upper section of Pontiac Silverdome
The initial series of explosions at the Pontiac Silverdome began on Sunday morning. However, the Silverdome was "built a little too well", officials say.

Steelers sink Bengals on last-second field goal
The Steelers said Shazier was going to a hospital for evaluation and wouldn't return to the game. National Football League receiving leader missed Friday's practice because of a toe injury.

United Nations political chief to start four-day visit to Pyongyang on Tuesday
The North declared that it has completed its "state nuclear force" with the latest Hwasong-15 test. North Korea had carried out its latest missile test just two days before, on November 28.

Ireland's low tax deals to large companies has been a key role in the country's economic success.

The EU said it planned to refer Ireland to the European Court of Justice for failing to recover the money in back taxes from Apple.

With Apple's appeal still in process, the tax payments will be made into an escrow account. "We remain confident the General Court of the European Union will overturn the Commission's decision once it has reviewed all the evidence", Apple told the Wall Street Journal (paywall).

Related Articles

  • Voyager 1's thrusters still after 37 years of sleep

    Voyager 1's thrusters still after 37 years of sleep

    NASA added it will likely do a similar test on the TCM thrusters for Voyager 2, the twin spacecraft of Voyager 1. The last time they were needed was 8 November, 1980 - to stay on course when Voyager 1 was flying by Saturn.
    Curry exits Warriors' win with ankle injury, X-rays negative

    Curry exits Warriors' win with ankle injury, X-rays negative

    Iguodala will be returning from a two-game absence, which will result in fewer minutes for Omri Casspi. Jrue Holiday had a game-high 34 points for the Pelicans (12-12), while E'Twaun Moore added 28.
    Trump's tax overhaul a step closer to reality

    Trump's tax overhaul a step closer to reality

    The housing industry is lobbying hard for the Senate version. "The Bush tax cuts were the same way, and majority didn't expire". The House and Senate still have a ways to go before they put a tax bill on President Donald Trump's desk.
  • Ubisoft Giving Away Two Free Games for PC This Holiday

    Ubisoft Giving Away Two Free Games for PC This Holiday

    Simply sign in with a Uplay account here to claim a copy and it will be automatically added to your Uplay library. Currently, Ubisoft is giving away their published RTS video game, World in Conflict .
    GCC summit to be held in Kuwait City

    GCC summit to be held in Kuwait City

    The agenda of this year's summit has not been made public, but the crisis is expected to feature at the forefront of discussions. Foreign ministers meet in Kuwait City in one of the highest official encounters since the row over Qatar began in June .
    Toys R Us confirms store closures as MPs scrutinise failing chains

    Toys R Us confirms store closures as MPs scrutinise failing chains

    It now employs 3,200 people and said it would, where possible, aim to redeploy staff affected by the shop closures. The UK arm's CVA restructuring plan must be approved by creditors in a vote scheduled for December 21.
  • Catalan separatists divided ahead of knife-edge election

    Catalan separatists divided ahead of knife-edge election

    Whatever decision is made on Monday, two appeals will be possible and a final ruling could well only come only after the vote. The remaining ex ministers and former regional president Carles Puigdemont are in Belgium, fighting extradition to Spain.
    Blake Lively injured on set of The Rhythm Section

    Blake Lively injured on set of The Rhythm Section

    She sets out to uncover the truth, adopting the identity of an assassin, after discovering that the crash was not an accident. Since filming for the movie is delayed, some sources assume that this will impact the film's February 22, 2019 release date.
    Officer Kenneth Copeland Of San Marcos, Texas, Fatally Shot While Serving Warrant

    Officer Kenneth Copeland Of San Marcos, Texas, Fatally Shot While Serving Warrant

    He worked just about every day off to provide for his kids and because he knows that we're short-handed and need the help. Today we grieve for the family of the fallen San Marcos police officer, and we vow swift justice for the killer.
  • Why Spain Vs. Portugal Is 'Can't-Miss' Game Of Group Stage

    Why Spain Vs. Portugal Is 'Can't-Miss' Game Of Group Stage

    Japan's veteran coach Vahid Halilhodzic vowed to avenge his side's humiliating 4-1 thrashing by Colombia at the 2014 World Cup . Neymar's Brazil must negotiate a group including Switzerland, Costa Rica and Serbia as the South Americans seek a sixth title.
    New York Met Opera suspends longtime conductor over sexual abuse allegations

    New York Met Opera suspends longtime conductor over sexual abuse allegations

    He conducted Verdi's "Requiem" Saturday - a live, global radio broadcast that could well prove to be his last Met appearance. Rob Copeland, a Lake Forest deputy police chief, was also limited in what he could say about the ongoing investigation.
    Strong Santa Ana event ahead for SoCal, extreme fire danger

    Strong Santa Ana event ahead for SoCal, extreme fire danger

    Firefighters have mounted an aggressive fire attack and have ordered three additional strike teams with more resources to come. The fire danger warning will be effect through Thursday evening.