Apple’s New Strategy In Tax Case
Apple will start transferring billions of euros to Ireland within months where the cash will be held while the iPhone maker fights a European tax case.
In 2016 the European Commission hit Apple with a tax bill of +to 13 billion euros (A$20.95 billion). It ruled that Ireland had granted unfair deals that reduced Apple’s effective corporate tax rate.
In the latest case the Irish Government has confirmed that Apple’s money will flow into an escrow account by the end of June with Ireland getting all the money by the end of October.
The EU is suing Ireland for not collecting Apple’s tax arrears which the five-month deadline stipulated. The appeal may take five years and regulators have ruled that until it is resolved the funds must be held in an escrow account.