The Irish government announced that it's signed an agreement with Apple that will see the company pay the EUR 13 billion in taxes claimed by the European Commission into an escrow account by the end of Q3. The money for alleged illegal state aid will remain in the account until the appeal by Apple and the Irish state is heard.
The account will be managed by independent fund managers selected by the government. The finance ministry said Apple should start making payments into the fund in Q2 and complete the process by the end of Q3.
The Irish government said it still "fundamentally disagrees" with the decision by the Commission to consider the tax arrangement with Apple in Ireland a form of illegal state aid. However, as a member of the EU, Ireland is obliged to implement the decision and collect the money from Google.
The finance minister Paschal Donohoe said the complexity of setting up the recovery fund led to delays in recovering the money after the initial ruling by the EC in August 2016. Interest due by Apple will be calculated after the payments are received.
Reuters reports that the appeal against the EC's decision is expected to be heard this autumn by the European Court of Justice. Donohoe told journalists that it was unclear how long the hearing of the case would take.
