Apple Close to Deal Protecting Ireland in EU Tax Fight
- Agreement on terms is said to be in reach within weeks
- Ireland seeks to avoid liability for any losses on Apple cash
How Quickly Can Apple Resolve Tax Dispute with EU?
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Ireland and Apple Inc. are close to a deal to protect the Irish government from any losses that could occur while it holds as much as 15 billion euros ($17.7 billion) of the IPhone maker’s money during a tax fight with European Union regulators, according to two people familiar with the matter.
In an order that reverberated across the Atlantic, the European Commission last year slapped Apple with a multibillion-euro bill, saying Ireland granted unfair deals that reduced the company’s effective corporate tax rate. Irish authorities will place the money in an escrow account pending an appeal.