Apple reaches deal with Ireland over $15B tax ruling

Ireland's finance minister has said they have come to an agreement with Apple where the iPhone maker is set to pay.4 billion in back taxes in early 2018

Ireland's finance minister has said they have come to an agreement with Apple where the iPhone maker is set to pay.4 billion in back taxes in early 2018

It has taken just over a year, but Apple and Ireland have finally reached an agreement to start collecting the money and placing it into an escrow account.

Irish Finance Minister Paschal Donohoe made the remarks to reporters Monday ahead of a meeting with EU antitrust chief Margrethe Vestager.

Ireland built its economic success on being a low tax entryway for multinationals seeking access to the EU, and is concerned that collecting the back taxes could dent its attractiveness to firms.

As a result of both parties contesting the ruling, the matter is currently awaiting a European Court of Justice decision, and the money will be paid into the escrow account in the interim.

As no money has been recovered to date, the European Commission itself referred Ireland to the ECJ in October for failing to recover what it found to be "illegal aid" to Apple.

Donohoe said he called the meeting with the competition commissioner to brief her on the latest developments. We may get more information on the fund, its management and the timing of Apple's payments during the company's next earnings report in January.

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