Apple will begin paying Ireland €13 billion in back taxes

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

"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year", Donohoe said and added that the government was now seeking an investment manager and custodian to operate the fund.

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

The BBC reports that Apple is paying the money into a so-called blocked "escrow" account and that Ireland is in the process of appealing the Commission's decision.

American tech firm Apple has confirmed that it's to comply with a ruling from the European Commission and pay Ireland billions owed in taxes.

Both Apple and Ireland have argued against the ruling.

"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money", the firm said in a statement.

The $15,4 billion will start flowing into Irish coffers in Q1 2018, but Apple continues to deny any wrongdoing. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

In October, Europe's competition chief Margrethe Vestager said the European Commission would take Ireland to court over its failure to collect taxes.

In a statement, Apple said that it remains confident the court will overturn the commission's decision once it has reviewed the evidence. Despite Apple not wanting to pay the bill - and the Irish Government not wanting to receive it - the two sides have now come to an agreement that means the money owed will now be collected.

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