Apple and Ireland tax appeal to take place in September
Apple and Ireland tax appeal to take place in September
The EU wants companies like Apple to pay more tax
25 April, 2018, 04:07
Speaking today, Irish finance minister Paschal Donohoe confirmed that the European Union will likely hear the appeal by the end of the year.
Donohoe said that the government's appeal was likely to begin in autumn. The payments should be completed by September.
In October, the European Commissionreferred Ireland to the European Court of Justice, after it missed a January deadline to recover over €13 billion in tax breaks given to Apple, deemed illegal state aid. Donohoe said he "fundamentally disagrees with the ruling", but will collect it regardless.
The interest will remain with the principal amount and accrue to the State unless the commission's ruling is overturned on appeal. "How long the hearings will last will depend on the judges overseeing it and could be open to either party after that to take any further action".
Apple will place the first tranche of its €13 billion Irish tax bill in an escrow account next month following the signing of a legal agreement between the Government and the United States tech giant.
An appeal by Apple and Ireland against a European Union ruling for the US firm to pay 13 billion euros ($16 billion) in disputed taxes is likely to be heard before the end of the year, Irish Finance Minister Paschal Donohoe said on Tuesday. Apple said it had already set aside the money, and the company still has $285.1 billion in cash and marketable securities, according to its last earnings report. While both Apple and Ireland have said that the agreement between them was legal, the Commission argued that Apple has illegally sidestepped steep tax bills and must pay up.
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