Ireland expects Apple back tax in escrow account in early 2018

Ireland expects Apple to start paying up to 13 billion euros (about $15.4 billion) in back taxes into an escrow account in the first quarter of 2018, Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager.

“We have now reached agreement with Apple in relation to the principles and operation of the escrow fund,” he said. “We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year.”

Last year, the European Commission told Apple to repay about €13B in back taxes to the country, which had given Apple unfair tax breaks. Apple has to put the money into an escrow account while appealing the decision. The appeal could take up to five years. 

Both Dublin and Apple have challenged the EU order. Tim Cook has branded the European Commission ruling “total political crap.” Apple’s CEO also suggested the “retroactive” tax bill was an attempt by the European Union to grab taxes owed to the U.S. treasury and harmonize tax rates across the 28-nation bloc.