Tech giant Apple has agreed to begin paying more than $15 billion in back taxes to Ireland next year - while appealing a European Union decision, officials said Monday.
In fact, the European Commission had ordered the government of Ireland to collect the "back taxes" only after concluding that two Irish tax coding permitted by Apple, that is to pay less tax than other businesses.
But Apple executives later told Reuters that it plans to appeal the ruling at Europe's second-highest court, saying the company had been targeted because of its success.
Apple filed an appeal against the Commission's ruling in December 2016, and the company accused outspoken EU Competition Commissioner Margrethe Vestager of using Apple as a "convenient target" to make headlines.
This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.
For several years, Apple has only been paying one per cent on corporation tax in Ireland, but this was due to an agreement between the firm and the country.
KitGuru Says: Apple may start setting the money for this aside soon, but it seems clear that it still wants to get out of it.
Apple also said that it is "the largest taxpayer in the world" and that it "pays every dollar it owes in every country around the world".
"The United States government and the Irish government both agree we've paid our taxes according to the law".