Apple have agreed to start paying €13bn tax bill to Ireland in 2018 1 year ago

Apple have agreed to start paying €13bn tax bill to Ireland in 2018

The European Commission ordered Apple to pay the sum last year.

The government have come to an agreement with Apple for the contested €13 billion tax bill that the company was ordered to pay Ireland.

It's understood that Apple will start paying the €13 billion in back taxes into an escrow account in first quarter of 2018.

The ruling by the European Commission last year stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland.

As a result of both parties contesting the ruling, the matter is currently awaiting a European Court of Justice decision, and the money will be paid into the escrow account in the interim.

An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.