The stock of Apple Inc (NASDAQ:AAPL) closed at $162.94 losing 1.39% in yesterday’s trading session. It was on Tuesday that Paschal Donohoe, who is the current Irish Finance Minister, proceeded to disclose that the much anticipated hearing might be taking place before the year comes to a close.
Both Ireland and Apple had earlier made an appeal against the European Union ruling that sought to compel the U.S. firm to make a payment of about 13 billion euros in disputed taxes.
It was in August 2016 that the European Commission made the ruling that Apple had received unfair tax incentives. It was from that point that Dublin and Apple saw it fit to make an appeal against the original ruling. They held on to the point that the iPhone maker’s tax treatment aligned to the European Union and Irish law.
Donohoe opined, “We expect the appeal is likely to begin in the autumn. How long the hearings will last will depend on the judges overseeing it and could be open to either party after that to take any further action.”
The Commission through a statement asked Ireland to move with speed in the collection of 13 billion euros in back taxes. Ireland’s finance department has pondered over the matter for quiet sometime and has finally made its statement outlining that it had estimated it to be about 15 billion euros but that was incorporating the EU interest.
Donohoe has said that the Interest due by Apple will eventually be calculated after the collecting the 13 billion euros. It was in October that the Commission stepped forward to disclose that it was determined to take Dublin to the European Court of Justice. That would be over the delays in recovering the money which it asserts was due to be recovered in a period of about for months from the point the until was made implying it would be somewhere in January 2017.
Ireland remains insistent that it played its part the best way possible. Donohoe has paved the way forward saying that Apple will begin paying the money in a series of payments starting in the second quarter.