“The European Commission’s estimate that Apple owes Ireland up to 13 billion euros ($14 billion) in a disputed tax ruling is unlikely to be altered greatly by Dublin’s calculations, the Irish finance minister said on Thursday,” Padraic Halpin reports for Reuters.

“The Commission ordered Apple to pay Ireland the unpaid taxes after ruling in August that the iPhone maker won sweetheart tax deals from Dublin amounting to illegal state aid,” Halpin reports. “The Irish government and Apple have appealed the demand.”

“‘So far my officials haven’t indicated to me that it’s going to seriously overrun the 13 (billion euros) or come seriously short of the 13, but there are other years to be assessed and so on,’ Finance Minister Michael Noonan told a parliamentary committee, referring to the 10-year period the calculations are based on,” Halpin reports. “Noonan said Irish officials were still negotiating the terms of a ring-fenced escrow fund where the back taxes will be held pending the outcome of the appeals process, which the Irish government has said could take four or five years.”

Read more in the full article here.

MacDailyNews Take: The EU’s antitrust commissioner, Margrethe Vestager, is a fool.

Anyone who decides to set up a business in a European Union member country today is insane.MacDailyNews, August 30, 2016

SEE ALSO:
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U.S. tax code allows for dramatic retaliation against EU overreach in Apple case – September 1, 2016
Apple CEO Tim Cook on EU tax demand: ‘No one did anything wrong here and Ireland is being picked on… It is total political crap’ – September 1, 2016
U.S. Treasury: The European Commission’s retroactive tax demands on Apple are unfair – August 30, 2016
EU demands Apple pay massive $14.5 billion in taxes plus interest – August 30, 2016
U.S. government warns EU: Do not hit Apple with a massive back tax bill – or else – August 25, 2016