Apple To Be Charged $15 Billion As Back Tax By Ireland

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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.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund", Finance Minister Paschal Donohoe told Reuters.

Ireland has said that negotiating the terms of that fund is what has held up its collection of the money, but the European Commission said that the action it has taken against Ireland for failing to follow the 2016 ruling will proceed until the money is collected in full.

Ireland expects the U.S. iPhone maker to start paying billions in back taxes, after the European Union said in 2016 the money was the result of Apple receiving unfair tax incentives and launching a lawsuit against Ireland.

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The $15,4 billion will start flowing into Irish coffers in Q1 2018, but Apple continues to deny any wrongdoing. Then, Ireland disagreed with the Commission's analysis and appealed the decision.

The Commission in October had routinely initiated proceedings against the Government for its failure to recover the tax, which had been ruled by the Commission as an illegal favouring of the company by the Irish authorities.

Apple filed an appeal against the Commission's ruling in December 2016, and the company accused outspoken EU Competition Commissioner Margrethe Vestager of using Apple as a "convenient target" to make headlines. Whether or not the original ruling gets overturned remains to be seen.

The European Commission ordered Apple to pay the sum past year.

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