Apple to start paying Ireland the billions it owes in back taxes

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While the decision is being appealed, the money will be held in an escrow fund. Apple has said it wanted to negotiate the interest rate of the escrow fund.

Apple and Ireland have reached a deal for the American tech firm to pay billions of dollars in back taxes it owes the country, Ireland's finance minister said on Monday.

The government have come to an agreement with Apple for the contested €13 billion tax bill that the company was ordered to pay Ireland.

The tax arrangements, set up in 1991 and 2007, let Apple pay.005-percent and 1-percent tax rates on its European profits.

Donohoe said he called the meeting with the competition commissioner to brief her on the latest developments.

Apple launched an appeal of the decision after the ruling, which it says it's still pursuing. We may get more information on the fund, its management and the timing of Apple's payments during the company's next earnings report in January.

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