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Apple's HQ in Cork, Ireland, employs more than 5,000 people (Photo: Joseph Teegardin)

Apple to pay back Ireland €13bn in lost tax

US tech giant Apple has provisionally agreed to pay back Ireland €13 billion in what the EU called illegal state aid.

The money will begin to flow into an escrow account in January, where it will remain blocked pending a definitive ruling on the case by the EU Court of Justice in Luxembourg.

An escrow account is one held by a third party while the two main participants complete their transaction.

"We expect the money will begin to be transmitted into the account from Apple...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

Apple's HQ in Cork, Ireland, employs more than 5,000 people (Photo: Joseph Teegardin)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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