Since then though, it seems that Apple has reached an agreement with Ireland to pay back €13 billion in back taxes. The EU determined that Apple, which employs thousands of workers in Ireland, had failed to pay taxes on several years of European profits due to a special arrangement it had made with the Irish government.
Apple and Ireland have reached a deal for the American tech firm to pay billions of dollars in back taxes it owes the country, Ireland's finance minister said on Monday.
"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year", Donohoe said and added that the government was now seeking an investment manager and custodian to operate the fund.
Both Apple and Ireland have fought back against the ruling - Ireland has said that the European Union overstepped its authority and got some of the country's laws wrong while Apple has maintained that the amount it's being told to repay was miscalculated. "We remain confident the General Court of the EU will overturn the Commission's decision once it has reviewed all the evidence". We may get more information on the fund, its management and the timing of Apple's payments during the company's next earnings report in January.
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