No less than 17 months after the EU established that Apple Lossless Audio CODEC (ALAC), must pay 13 billion euros as part of some taxes due, it seems that the money will be collected. Ireland announced today that it has reached an agreement with Apple regarding the recovery of the amount of 13 billion euros, 2018 being the year in which these payments will be made.
According to the information that appeared today, Apple will pay the 13 billion euros between March and September 2018, the money will end up in an account that will have a special administrator. Apple and the Irish government appealed against the EU's decision to collect this money from the American company, so they will remain in the account until the appeal is judged.
During this period, the amount deposited in the account will be invested by that special administrator to produce profit, Apple being quite sure that it will win the appeal made. It is not known what kind of details were agreed between the Apple company and the Irish government regarding the investment of the money, but we are definitely talking about something that will generate profit for the company.
"The Public Accounts Committee has been told the collection of €13bn from technology company Apple will begin in March and continue through to September. In a letter to the Committee, Department of Finance Secretary General Derek Moran said the funds will be held in an escrow account - which is an account held by a third party - and that it will be in place by the end of March."
Although Apple has a huge cash reserve, it took a year and a half to reach an agreement on the payment of retroactive taxes, but not without a fight. It is possible that in a few months, or maybe even years, Apple will recover the 13 billion euros, or it is possible to lose it partially or completely, but fight for every cent.
