Apple Pays $16.7 Billion to Ireland

Reuters Ireland is reporting that Apple has paid the entire outstanding balance 13.1 billion euro of its disputed taxes to the government in addition to the 13.1 billion ($15.3 billion in U.S. dollars), Apple has paid an additional 1.2 billion euros ($1.4 billion) in interest.

According to a 2016 ruling the EU found that the Irish government had an extended preferential tax treatment to Apple, which has long had its European headquarters in that country. Despite both Apple and Ireland disputing this the EU ruled that Apple must pay the amount back as it does not allow individual member states to give companies benefits not available elsewhere in the EU. In February, the EU said it might drop a court case against the Irish government if it succeeded in covering the money which is enough to fund Ireland’s health service for a year owed by Apple.

“In light of the full payment by Apple of the illegal State aid it had received from Ireland, Commissioner (Margrethe) Vestager will be proposing to the College of Commissioners the withdrawal of this court action,” Commission spokesman Ricardo Cardoso said in an email.

Ireland has appointed investment managers to oversee the disputed cash, whom Donohoe said would make low-risk investment decisions and the Irish taxpayer would be protected from any losses.