Apple will begin to pay 13 billion euros of taxes in Ireland in 2018

The Government of Ireland has entered into an agreement with Apple on the procedure for compensation of unpaid taxes in the amount of 13 billion euros. Money will begin to flow to the deposit account by the end of March next year.

How did it all start?

The European Commission decided to recover a record amount in August 2016. The antimonopoly regulator found that between 2003 and 2014 the American corporation received tax relief in Ireland, which allowed to avoid paying taxes on virtually all Apple products sold in the EU.

They themselves are not happy

It would seem that the Irish authorities should rejoice at the suddenly collapsed billions, but the potential losses could be even higher if, after a couple of such cases, other transnational companies stop investing in the country. That is why the terms of recovery of compensation from Apple were foiled (the deadline expired in January), and the European Commission threatened a new trial of Ireland itself.

First, Apple, and then the Government of Ireland, appealed the decision of the European Commission. Funds paid by the company will be on a temporary deposit account until a final decision on this matter is made.

Source: Irish Times
Photo: Reuters