ALSO READIreland says EU action over 13 billion euro Apple tax bill 'regrettable' EU takes Ireland to EU court over 13 billion euro Apple tax bill EU takes Ireland to court for not claiming Apple tax windfall Ireland says EU demand that Apple pay it 13 billion euros in back taxes unjustified EU to discuss blacklist of tax havens after Paradise Papers leaks
BRUSSELS (Reuters) - Ireland expects iPhone maker Apple to start paying up to 13 billion euros ($15.4 billion) in back taxes into an escrow account in the first quarter of 2018, the finance minister said on Monday.
More than a year after the EU order, Dublin's slow pace in recovering the money has landed it in court. Ireland is now seeking an investment manager and a custodian to operate the account and expects to appoint both next month.
"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund," Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager.
"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year."
($1 = 0.8435 euros)
(Reporting by Foo Yun Chee; Editing by Edmund Blair)
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