Samsung copied key iPhone X Features and are now copying Apple's Business Philosophy
Rumor: Apple may Drop the OLED iPhone Notch in 2019

Ireland Chooses the Bank of New York Mellon to Manage €14bn Apple Escrow Account

1 cover The Bank of New York Mellon  Apple re Ireland

In October Patently Apple posted a report noting that the EU Commission had issued a non-compliance action against Ireland for not collecting Apple's taxes on time. Then in November we reported that Ireland's Finance Committee made it known that they were angry at Apple for delaying the transfer of funds until 2018. We're now learning that Ireland has selected the Bank of New York Mellon as custodian to oversee the management of about €14 billion of back taxes and interest the Republic has been ordered to collect from Apple.


This would help pave the way for Apple to start transferring funds to an escrow account in the second quarter, according to the latest estimates from the Department of Finance – more than 15 months after an original deadline was missed. Ireland expects to start collecting the money from Apple in Q2.


While the Irish Government and Apple moved in late 2016 to appeal a decision months earlier by the European Commission that Apple owed Ireland billions of euro of allegedly illegal state aid, the State has agreed to collect the amount, plus interest, in the meantime and hold it in escrow. The case is currently before the European Union's general court in Luxembourg, and is expected to ultimately end up in the European Court of Justice.


10.0 Apple News Bar

About Making Comments on our Site: Patently Apple reserves the right to post, dismiss or edit any comments. Those using abusive language or negative behavior will result in being blacklisted on Disqus.




The comments to this entry are closed.