US tech firm Apple was set to sign a deal with Ireland to pay $16 billion in back taxes as ordered by EC. The money will be transferred into an escrow account, a type of third-party account, by the third quarter of this year pending an appeal against the EC ruling by Apple and the Irish government. Ireland’s Finance Minister Paschal Donohoe said the government still disagrees with the 2016 ruling that Apple received favourable tax terms in Ireland which amounted to state aid. But as a EU member state, Ireland would comply with its binding legal obligations, the minister said. Apple has its European headquarters in Ireland. The government claimed Apple has paid the full amount due to the Irish state from 2004 to 2014 and denied it gave the company selective treatment.
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