Apple agrees deal with Ireland on unpaid taxes

Apple will repay billions in owed taxes to Ireland

Apple is to repay billions in owed tax to the Irish Government

The European Commission ruled in August 2016 that the iPhone maker must reimburse the Irish state a record 13 billion euros to make up for what it considered to be unpaid taxes over a number of years.

Apple Inc. and Ireland have reached an agreement on the terms of an escrow fund, allowing the transfer of roughly €13 billion ($15.46 billion) in allegedly unpaid taxes that the European Union ordered Dublin to retrieve, beginning in the first quarter of next year, Ireland's finance chief said Monday.

Ireland built its economic success on being a low tax entryway for multinationals seeking access to the EU, and is concerned that collecting the back taxes could dent its attractiveness to firms. Ireland said back in the summer that it would do so under protest.

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. Now, you can add at least two dozen U.S. senators to the mix. At the time, the Irish government sided with Apple and at one point, the US government wanted to step in and get involved.

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