Apple agrees to pay $15B in back taxes to Ireland

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Both Apple and Ireland will still appeal the ruling despite Apple agreeing to make a payment.

The European Commission (which made the original ruling) expects the money to be transferred to an escrow account during the first quarter of the new year.

Ireland has allowed Apple to pay lower tax rates than other EU nations since the early 1990s, but the European Commission ruled in August 2016 that Ireland's practice was illegal and that Apple must pay the rest of the money it should have been taxed.

The European Commission ruled previous year that a tax deal that Ireland gave Apple was illegal, and that it owed the country $14.5 billion in back taxes.

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Now it appears Apple and Ireland have agreed to cooperate, and pay $15.4 billion to the Irish government, all while however still continuing litigating the case. Furthermore, the Commission ordered Ireland to collect back taxes for the years from 2003 to that of 2014, amounting to as much has a whooping amount of 13 billion euros plus interest of the long number of years. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.

Apple insists it did nothing wrong and that eventually, its Irish treasure horde will be returned to Cook and crew.

"We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated", Apple said in a Monday statement according to UPI.

However, Apple added that it remains confident that the court will overturn the commission's decision after reviewing and reading the evidence they have presented in their defense.

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