Apple’s huge EU tax bill hasn’t hurt its money-making machine one bit.
After posting its best Q3 earnings report ever earlier this week, the iPhone-maker revealed in a filing that has already paid two-thirds of the $15.1 billion it owes in back taxes.
The European Commission ordered Apple to pay the sum in August 2016. It reflects a so-called sweetheart deal under which Apple allegedly received favorable tax rates from Ireland in the hopes that it bring more business to the country. Apple has had offices in Cork Ireland since 1980.
Paying the EU back
“As of June 30, 2018, 4.5 billion euros of the recovery amount was funded into escrow. Subsequent to June 30, 2018, the company has funded an additional 4.5 billion euros of the recovery amount into escrow,” Apple said in its quarterly report.
Apple owes a total of 13 billion euros plus an extra 1 billion euros in interest. Even though Apple’s almost done with its payments Ireland and the EU won’t get for a few years. Funds will be held in an escrow account while appeals by Apple and Ireland work their way through the court.