Report: Apple to Begin Paying Ireland Billions in Back Taxes
Apple is expected to begin paying back billions of dollars owed to the country of Ireland in back taxes.
Engadget reports that following last year’s ruling by the European Commission that Apple’s tax deal with the Irish government was illegal, the tech firm has been forced to begin paying taxes owed to the country. Apple reportedly owed approximately $14.5 billion in back taxes, while the company reportedly paid as little as 0.005 percent in Ireland in 2014.
The Irish government, however, was slow to collect the cash, attempting to keep their current tax deal with Apple intact. As a result, the Commission referred the Irish government to the European Court of Justice in October for failure to comply with the previous ruling.
The European Commission stated on Monday that court procedures against Ireland for failure to enact their ruling would only be closed once the country had received the full amount of taxes owed to them by Apple. Apple said in a statement, “We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated. We remain confident the General Court of the EU will overturn the Commission’s decision once it has reviewed all the evidence.”
Further information on Apple’s new tax fund, its management, and the company’s payment schedule may become clearer during the company’s next earnings report in January.