Apple, Ireland Strike Deal On 13-billion-euro Tax Payment
Umer Jamshaid Published April 24, 2018 | 09:34 PM
Ireland's government on Tuesday said it was signing a deal with Apple for the US tech giant to pay 13 billion euros ($16 billion) in back taxes as ordered by the European Commission.
Dublin, (UrduPoint / Pakistan Point News - 24th Apr, 2018 ) :Ireland's government on Tuesday said it was signing a deal with Apple for the US tech giant to pay 13 billion Euros ($16 billion) in back taxes as ordered by the European Commission.The formal signature is expected later on Tuesday and the money will go into an escrow account, a type of third-party account used in transactions, the finance ministry said in a statement.The money is expected to be paid into the account by the third quarter of this year pending an appeal against the EU ruling by Apple and the Irish government, the ministry said.Finance Minister Paschal Donohoe said the government still "fundamentally disagrees" with the 2016 ruling which said Apple had benefited from illegal tax breaks offered by Ireland.
Donohoe said Ireland would, however, comply with its "binding legal obligations" as a European Union member state.Apple has its European headquarters in Ireland."This is the largest recovery fund of its kind ever to be established," Donohoe said, explaining delays in the process of establishing the account.The European Commission has said that Apple had received favourable tax terms in Ireland that amounted to state aid.The government claimed that Apple has paid the full amount due to the Irish state from 2004 to 2014 and denies it gave it "selective treatment".But the European Commission said Apple paid an effective corporate tax rate of just 0.005 per cent on its European profits in 2014 -- equivalent to just 50 euros for every million.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
7 hours ago -
US stocks rebound on tech earnings, London hits new record
7 hours ago -
US approves gene therapy treatment for hemophilia
7 hours ago -
KATI president for inclusion of agri sector in tax net
7 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
8 hours ago -
Police to take every step for security of business community: IGP
8 hours ago
-
WB director, Planning minister discuss reforms in development projects
8 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
10 hours ago -
FBR’s data protection efforts commended by OECD assessment team
10 hours ago -
US stocks rebound on tech earnings, London hits new record
10 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
10 hours ago -
SBP to announce monetary policy on April 29
10 hours ago