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Ireland expects Apple back tax in escrow account in Q1, 2018 - minister

Reuters  |  BRUSSELS 

BRUSSELS (Reuters) - expects iPhone maker 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 minister said on Monday.

The European Commission said the record sum was the result of receiving unfair incentives from

More than a year after the order, Dublin's slow pace in recovering the money has landed it in court. 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 in relation to the principles and operation of the escrow fund," 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 across the first quarter of next year."

Both Dublin and have challenged the order.

($1 = 0.8435 euros)

(Reporting by Foo Yun Chee; Editing by Edmund Blair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 19:06 IST