After a meeting with European commissioner Margrethe Vestager in Brussels yesterday, Irish finance minister Paschal Donohue stated that an agreement had been reached “in relation to the principles for the operation of the escrow fund”, according to the Financial Times.
The European Commission (EC) had taken the country to court over the perceived failure to recover the tax bill from Apple, which was also taken to court by the EC.
“We expect that (tendering) work to conclude across next January and then we expect that money will begin to be transmitted into the account from Apple across the first quarter of next year,” Donohue said.
In August 2016, the European Commission (EC) decided that Ireland had granted Apple “undue tax advantages” and ordered the company to pay back the estimated €13bn (£11.1bn) of unpaid tax by 3 January 2017.
“We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated. We remain confident the General Court of the EU will overturn the commission’s decision once it has reviewed all the evidence. The commission’s case against Ireland has never been about how much Apple pays in taxes, it’s about which government gets the money. The United States government and the Irish government both agree we've paid our taxes according to the law.” Apple said.