Full €13bn Apple tax payment now in escrow account

It has been confirmed that Apple deposited €14.3 billion into an Escrow Fund (third party account) until a full agreement has been reached.

Competition commissioner Margrethe Vestager ordered the Cupertino firm to pay up the €13.1bn plus interest two years ago after an investigation ruled the emerald isle had granted illegal tax benefits to the U.S. giant.

In the case of Apple and Ireland, Apple (aapl) was paying an effective corporate tax lower than 1%, thanks to deals struck with the authorities there in 1991 and 2007.

Ireland's windfall consists of €13.1bn in taxes along with €1.2bn of interest on the outstanding balance, a bill that the European Union said Apple owed the country because of extra special tax laws that were agreed that amounted to something approaching state aid.

Both Apple and the Government are appealing the original ruling, saying the iPhone maker's tax treatment was in line with Irish and European Union law.

"The government fundamentally disagrees with the [European] Commission's analysis in the Apple state aid decision and is seeking an annulment of that decision in the European courts", said Donohoe.

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Minister for Finance Paschal Donohoe confirmed that the tech giant deposited €13.1bn plus European Union interest of around €1.2bn.

For its part, the Commission said it will scrap its lawsuit against Ireland which it initiated past year because of delays in recovering the money.

The Finance Department said today it hoped those proceedings will be withdrawn now that the money has been recovered and the Government was in discussion with the Commission on that matter.

Donohoe noted it was one of the largest such funds to be established, with a nod to the time that has passed since the decision was handed down.

Ireland's finance ministry said it expects it to take several years for European courts to resolve the issue.

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