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Apple and Ireland have reached an agreement on the terms of an escrow fund, allowing the transfer of roughly €13bn ($15.46bn) in allegedly unpaid taxes that the EU ordered Dublin to retrieve, beginning in the first quarter of next year, Ireland's finance chief said Monday.
The tax arrangements, set up in 1991 and 2007, let Apple pay.005-percent and 1-percent tax rates on its European profits.
The ruling by the European Commission last year stated that Apple had to pay the fee as it had received unfair tax incentives in Ireland. However, the Wall Street Journal reports today that the country will finally start collecting those billions of dollars owed by Apple and it may start doing so early next year.
As no money has been recovered to date, the European Commission itself referred Ireland to the ECJ in October for failing to recover what it found to be "illegal aid" to Apple.
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