Ireland Stories March 7

A bank has now been appointed to manage the escrow fund for the €13B ($15B) in back-taxes the European Union decided Apple had to pay to the Irish government.

It took some time to agree the arrangements as Apple expects to get the money back at the end of a legal battle expected to take many years, and it will want to ensure the funds have been well invested during that time …

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Ireland Stories February 22

Apple’s final settlement with European Commission expected to be around $16B in taxes owed

Apple is said to owe 13 billion euros (estimated $16 billion USD) to Ireland, according to the country’s tax collectors, Reuters reports.

Ireland Stories January 18

It’s now 17 months since EU regulators ordered Ireland to recover €13B ($15B) from Apple in underpaid taxes, and a payment schedule has finally been agreed on.

Payments will begin in March, and continue through to September, meaning that the bill will finally be settled in full some two years after the ruling. That won’t, however, be the end of the matter …

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Ireland Stories December 4, 2017

Apple strikes interim deal on escrow fund for $15B Irish tax claim [U]

Update: The two parties may have agreed terms for the escrow account, but Reuters reports that they have yet to agree a date for Apple to begin transferring funds into it.

The EU ruling that Ireland offered illegal state aid to Apple, and must recover €13B ($15B) in underpaid taxes, marked the end of a long-running investigation – but not the end of the dispute …

Ireland Stories November 7, 2017

Apple is once again being accused of tax avoidance. This time, it’s analysis of the so-called ‘paradise papers,’ a massive leak of financial documents relating to countries commonly used as offshore tax havens.

The BBC claims that, once Apple was unable to use an Irish tax arrangement to reduce its tax obligations, it looked for a similar arrangement elsewhere.

The world’s most profitable firm has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show.

They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven. It then moved the firm holding most of its untaxed offshore cash, now $252bn, to the Channel Island of Jersey.

This is just the latest in a long history of tax avoidance allegations against the company …

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Ireland Stories November 6, 2017

Update: Apple has responded with an extensive statement on its newsroom site. It says corporate tax rate on foreign earnings is 21 percent, and 35 percent on income from overseas investments. It says “no operations or investments were moved from Ireland”.

The New York Times has published a lengthy report claiming Apple started using the island of Jersey as a tax haven after its tax arrangement in Ireland came under fire. The report, which is based on leaked corporate documents, says Apple settled on Jersey which doesn’t usually tax corporate income after shopping around.

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