“Ireland and Apple Inc. are close to a deal to protect the Irish government from any losses that could occur while it holds as much as 15 billion euros ($17.7 billion) of the IPhone maker’s money during a tax fight with European Union regulators, according to two people familiar with the matter,” Dara Doyle reports for Bloomberg.
“In an order that reverberated across the Atlantic, the European Commission last year slapped Apple with a multibillion-euro bill, saying Ireland granted unfair deals that reduced the company’s effective corporate tax rate,” Doyle reports. “Irish authorities will place the money in an escrow account pending an appeal.”
“If the appeal, which could take as long as five years, is successful, the money will be returned to Apple. Ireland wants to make sure it isn’t liable for any drop in the value of the fund while the case winds its way through the EU courts,” Doyle reports. “An agreement on the issue may come within weeks, said one of the people…”
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MacDailyNews Take: The EU farce oozes along like molasses uphill.
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