Home » Money

Ireland starts collecting back-tax from Apple

06 December, 2017, 00:53 | Author: Melinda Barton
  • Escrow you, Apple! Ireland expects Cupertino to cough up to €13bn

An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

In August in 2016, the European Commission (EC) ordered Apple to pay as much as $14.5 billion in taxes and interest after ruling that a deal with the Irish government illegally granted undue tax benefits to the iPhone vendor.

The EU's ruling also angered a number government leaders in Ireland, who filed their own appeal on the grounds that the ruling infringes on the nation's sovereignty and harms its ability to attract business.

The Commission in October had routinely initiated proceedings against the Government for its failure to recover the tax, which had been ruled by the Commission as an illegal favouring of the company by the Irish authorities. It is important that we send a strong message that Ireland remains an attractive and stable location of choice for long-term substantive investment. Since then though, it seems that Apple has reached an agreement with Ireland to pay back €13 billion in back taxes.


The $15,4 billion will start flowing into Irish coffers in Q1 2018, but Apple continues to deny any wrongdoing.

The Republic of Ireland has been giving Apple a sweetheart deal which has meant in many years the company has been paying an effective tax rate of 1% to as low as 0.005 percent, and the European Union has not been happy about it.

Dublin disagreed with the Commission's analysis and appealed the decision, as did Apple. In November, the now infamous "Paradise Papers" revealed that Apple has moved some of its operations to Jersey, a part of the Channel Islands near the coast of France.

Apple believes that the ruling will be overturned in time and that it's acted in accordance with the law.

Recommended:

  • Amazon launches in Australia, retailers urged to prepare for battle

    Amazon launches in Australia, retailers urged to prepare for battle

    Small businesses selling on Amazon Marketplace globally have employed more than 600,000 people to support their Amazon activity. U.S. ecommerce giant Amazon launched in Australia overnight with its first party retail and marketplace offer.
    LaVar Ball removes LiAngelo Ball from UCLA

    LaVar Ball removes LiAngelo Ball from UCLA

    LaVar Ball , the bombastic owner and founder of the infamous BBB, is a man known for bold moves and even bolder statements. The players also expressed gratitude to Chinese authorities and to President Trump for intervening on their behalf.
    Woods confirms comeback with second round 68

    Woods confirms comeback with second round 68

    Four hours of a solid round of golf lowered Woods' odds of winning the Masters from 66-1 to 33-1, according to Vegas Insider . Those are the internal struggles I haven't had for a while. "A lot more practice, a lot more training and more tournaments".
  • Bills QB Taylor exits with knee injury

    Bills QB Taylor exits with knee injury

    Taylor had a total of 65 passing yards, and interception, and just 40 net yards in a little over 45 minutes of work. The 28-year-old played through the injury before he was carted to the locker room early in the fourth quarter.
    German Social Democrat not ruling out any options for new government

    German Social Democrat not ruling out any options for new government

    Merkel this week said she hoped to talk with the Social Democrats "in a serious, engaged, honest way and obviously with the intention of success".
    Padmavati Row: Parliamentary Panel Calls Sanjay Leela Bhansali, CBFC Chief Prasoon Joshi

    Padmavati Row: Parliamentary Panel Calls Sanjay Leela Bhansali, CBFC Chief Prasoon Joshi

    The statement quoted Thakur as saying: "How and why did this divide and controversy erupt..." Padmavati controversy is at its peak.
  • Leclerc and Ericsson to race for Sauber in…

    Leclerc and Ericsson to race for Sauber in…

    "For now I'm a Ferrari fan, but if Alfa Romeo Sauber do well that would of course be very welcome", Marchionne said . Ferrari president Sergio Marchionne says the threat that the Italian team could leave Formula One is a "serious" one.
    Tom Brady loves shouting at his offensive coordinators

    Tom Brady loves shouting at his offensive coordinators

    Gronkowski drove his shoulder as he lay face down on the turf after the whistle and was penalized for unnecessary roughness. Entering Sunday's game, the Patriots had allowed an average of 13.14 points per game in their seven-game winning streak.
    Apple accuses Qualcomm of patent infringement in countersuit

    Apple accuses Qualcomm of patent infringement in countersuit

    In particular, Qualcomm points to the iPhone X's multitasking interface and its similarities to the interface webOS used to use. Qualcomm has already asked the ITC for an injunction on the iPhone 7 and iPad models it claims are infringing on its patents.
  • Facebook launches new kids app

    Facebook launches new kids app

    That's simple really: It's all about getting kids on board earlier so that they are "Facebook-aware" by the time they hit 13. It also includes a GIFs section for choosing images to send to friends, but content in the section is regulated by Facebook.
    Supermoon 2017: How to watch it this weekend

    Supermoon 2017: How to watch it this weekend

    This is known as the moon illusion and the moon hasn't grown; it's a trick your eyes are playing on you . A supermoon occurs when there is a full moon at or near the point where the moon reaches perigee.
    Florida State expects Jimbo Fisher to leave for Texas A&M

    Florida State expects Jimbo Fisher to leave for Texas A&M

    However, should they be tired of the actions of the head coach in recent weeks towards his then own fanbase? Fisher had signed an extension with FSU through 2024 just last December.


Popular

Caring Santa visits with children with special needs
According to Autismspeaks.com, Santa Cares is a sensory-friendly Santa photo experience in partnership with Cherry Hill Programs. Smith says she appreciates any events that specify time for her son Caleb and children like him.

Yemeni ex-president killed after switching sides in civil war
He remained, however, a key player in the years that followed and played a pivotal role in the country's ongoing conflict. Sayyid said Saleh and other top party officials had came under Huthi gunfire as they fled Sanaa.

AP Top 25: Alabama Jumps Ahead of Ohio State
Ohio State won the Big Ten title, but it had two serious blemishes that diminished 11 wins - a 15-point home loss to now-No. An early Pick Six kept the Badgers in the game and provided just enough of a spark to keep hope alive.

Your photos of the supermoon
The supermoon rises behind the mountain range seen from Naypyitaw, Myanmar, Sunday, Dec. 3, 2017. Considering the moon is always more than 225,744 miles away, it's not a major change.

Manchester United beat Arsenal 3-1 to keep heat on City
The Frenchman deservedly received a straight red card and will miss three games, including next week's derby against City. I leave for you that one. "The grass is absolutely attractive - I think there is a desire to go onto the grass".

Those opposing bullet train can take bullock carts: PM Modi
The polling for 182-member Gujarat Assembly will take place on December 9 and 14 and the votes will be counted on December 18. When PM Modi was addressing the crowd in Bharuch district of Gujarat, the chairs remained empty.

Randi Zuckerberg Lambasts Alaska Airlines for Ignoring Complaint of Sexual Harassment
It remains unclear why the passenger was not removed from the flight. The airline said in part: "We want our guests to feel safe".

Netflix officially grants 'Stranger Things' a third season
Winona Ryder stars in the series, leading a cast of relative unknowns and playing the mother of the disappeared boy. That's what I'm excited about. "We're trying to figure out still how long it'll take to get there, so we'll see".

Missing Florida teen spotted in NC found safe in NY
It's believed she had left voluntarily with him. "We are emotionally drained, but we are absolutely elated to have her safe". As of Friday, the teen was being held in police custody until a reunion with her family could be arranged.

Police make arrest in Missing child case
Earlier Saturday, officials said that the live-in boyfriend of Mariah Woods' mother was charged in connection with the case. Due to evidence gathered during the course of the investigation, the Sheriff's Office said it believes Mariah is deceased.