Apple reserves 9 of 14 billion euros for refund in Irish tax case

Apple has indicated that it has now placed a total of 9 billion euros in a trust account. According to the EU, Apple has received an illegal tax advantage from Ireland. The EU therefore wants Apple to repay 14 billion to Ireland.

Apple reports that it has deposited $4.5 billion in a trust account since the end of June, which prevents Apple from accessing and using the amount for its business activities. As a result, it must also be stated when the quarterly figures are published. Apple now says it has deposited another 4.5 billion euros. In total, this concerns 13 billion euros, with an additional 1 billion euros in interest.

The decision that Apple must pay back money to Ireland comes in August 2016. The European Commission said at the time that Ireland had caused the company to pay too little tax on its profits, which would have resulted in a competitive advantage over other companies. There would also be state aid through the granting of an advantage.

It is not yet said that Apple has actually lost this money. That depends on the ongoing legal proceedings; both Ireland and Apple have appealed the European Commission’s decision.

While stock market value isn’t everything about how well a company is in the doldrums, Apple will have little trouble paying the required amount. The company has huge reserves and on Thursday became the first American company to cross the $1 trillion mark on the US Nasdaq stock exchange. One share cost $207.05, making the company worth $1 trillion.