Apple is forced to hand over 13 billion euros to Ireland, after the European Commission ordered the Irish government to collect the amount as part of taxes owed by the company. The European Commission will not directly collect the money now, but Apple and the Irish government will create a special account in which the amount will be deposited, in the form of escrow, until the appeals made against the huge fine of the European institution will be judged.
Apple and the Irish government will jointly choose a custodian who will take care of this amount as it will be held until the appeals are judged. The Minister of Finance in Ireland confirmed this agreement made with those from Apple, and considering the amount, it seems that the money will also be used for investments, one or two administrators will be hired to take care of it.
Apple will deposit the amount of 13 billion dollars in the special account in the next period, and this is a real surprise for those who did not expect such a thing. We are talking about a colossal amount that represents the profit for an entire fiscal quarter for the American company, the money will be completely blocked for several years, as long as it is estimated that it will take to judge the appeals made by Apple and Ireland.
Apple should have deposited the amount in a special account by January, but so far only negotiations have taken place, especially since we are talking about a huge amount. If Apple loses the appeals made against the fine imposed by the European Commission, then it will also lose that amount, but if it wins, then it will receive it, together with the possible profit made from the investment of the money during this period.
"Commencement of this procurement process represents a significant milestone and follows months of intensive discussions between Ireland, Apple and the European Commission on the recovery process. The European Commission's case against Ireland has never been about how much Apple pays in taxes, it's about which government gets the money."
