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Apple pays Ireland first tranche of disputed taxes

Reuters  |  DUBLIN 

(Reuters) - has paid 1.5 billion euros ($1.76 billion) into an account set up by the to hold 13 billion euros in disputed taxes, said on Friday.

The ordered in August 2016 to pay the taxes it ruled it had received as illegal state aid, as part of its wider drive against what it says are sweetheart tax deals usually used by smaller states in the bloc to lure multinational companies and their jobs and investment.

Both and are appealing the ruling, saying the maker's tax treatment was in line with Irish and law.

Last October the Commission said it was taking to the over delays in recovering the money that was due to be recovered in January 2017, four months on from the initial ruling in August 2016.

The commission has been pressurising to recover the taxes as soon as possible to allow it to close the EU Court of Justice's action for missing the deadline.

has insisted that it has acted as fast as it could to facilitate collection and management of such a large sum.

In March, appointed Amundi, BlackRock and to manage an account to hold the money and make low risk investment decisions that protect the Irish taxpayer.($1 = 0.8493 euros)

(Reporting by Graham Fahy, editing by Louise Heavens)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 19:38 IST