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Apple, Ireland may strike deal over €15B back taxes

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Apple, Ireland may strike deal over €15B back taxes

Ireland may strike an agreement with Apple Inc. within weeks over the tech giant's back taxes, worth €15 billion, The Irish Independent reported Aug. 12, citing a source familiar with the matter.

The European Commission ruled in August 2016 that Ireland should recover up to €13 billion in back taxes from Apple. Including interest, the total is expected to reach €15 billion.

The amount will be collected from Apple and placed in an escrow account until the conclusion of the appeal process, which could take five years, the report said. The money would be returned to Apple if the ruling goes in favor of the company, otherwise the Irish government would take the funds.

Negotiations on the structure of the proposed account are yet to be finalized, the report said, citing the source.