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Ireland to start collecting $15 billion in tax from Apple

AP  |  London 

Ireland has struck a deal with Apple to collect up to 13 billion euros (USD 15 billion) in back taxes and hold it in an escrow account pending an appeal before the of Justice of the European Union.

The said in a statement yesterday that an agreement had been reached "in relation to the framework of the principles that will govern the escrow arrangements."

The European Commission had ordered Ireland to collect the money after concluding that two Irish rulings allowed Apple to pay less than other businesses thus giving them an unfair advantage.

The Commission ordered Ireland to collect back taxes for the years 2003-2014, which it estimated to be as much 13 billion euros plus interest.

Ireland disagreed with the Commission's analysis and appealed the decision.

Apple said in a statement that it remains confident the will overturn the commission's decision once it has reviewed the evidence.

"The Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which gets the money," Apple said in a statement. "The United States and the Irish government both agree we've paid our taxes according to the law.

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

First Published: Tue, December 05 2017. 19:10 IST