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Report: Ireland to start receiving back taxes from Apple in 2018

Ireland will start receiving €13 billion in back taxes from Apple Inc. in the first quarter of 2018, London's Financial Times reported Dec. 4.

In a statement, Irish Finance Minister Paschal Donohoe said Ireland reached an agreement with the tech giant regarding the terms of an escrow fund that will hold taxes and expects the process to conclude in January 2018.

In August 2016, the European Commission ruled that tax benefits to Apple in Ireland are illegal under EU state aid rules. Ireland and Apple said they will continue to appeal the European Commission's order for the tech giant's payment of €13 billion in back taxes.

Apple noted in a statement that it has dedicated a team to work with Ireland on the process that the commission has mandated but remains confident that the General Court of the European Union will overturn the commission's decision once all the evidence has been reviewed.