“The Commission’s 2016 state aid decision found that, over many years, tax rulings issued by Ireland had allowed Apple to pay less tax on profits recorded in Ireland than other companies subject to (the) same national taxation laws,” a spokesman for the European Commission said. “This gave Apple an illegal advantage in breach of EU state aid rules, which must now be recovered by Ireland — nothing has changed in that regard.”
Apple’s sizable tax payment will apparently be held in an escrow account — which is to say, one held by a third party. This account ought to be set up by end of March. In a letter to the Public Accounts Committee, Department of Finance Secretary General Derek Moran noted, “Given the scale and the bespoke nature of the establishment of the recovery process at this stage it is not possible to provide a definite date for the completion of the collection of the alleged aid. However, identification of the escrow agent/custodian by the end of March 2018 will then allow for a payment into the escrow fund account, with payments continuing through the course of April, May, and June and up to the end of September 2018.”
- Elon Musk promises 100-percent Tesla Supercharger coverage for Europe in 2019
- Apple vs. Qualcomm: Everything you need to know
- Google hit with another fine by the EU, this time for $1.7 billion
- Are Bitcoins the new Beanie Babies, or is there hope in 2019?
- Democrats aim to save the internet and restore net neutrality