Ireland has reached an agreement with Apple to collect up to 13 billion euros ($ 15 billion) in tax arrears and hold it on an escrow account pending appeal to the Court of Justice of the European Union.
The government said Monday in a statement that an agreement had been reached "regarding the framework of the principles that will govern the escrow agreements".
The European Commission ordered Ireland to collect the money after concluding that two Irish tax decisions allowed Apple to pay less tax than other companies – giving it an advantage unfair. The commission ordered Ireland to recover taxes for the years 2003 to 2014, estimated at 13 billion euros plus interest.
Ireland did not agree with the Commission's analysis and appealed the decision.
Apple said in a statement that it remains confident that the court will overturn the commission's decision once it has reviewed the evidence.
"The Commission's Complaint Against Ireland Has Never Been About How Apple Pays Taxes, It's About Which Government Gets Money" Apple said in a statement. "The United States Government and the Irish Government agree that we paid our taxes in accordance with the law."
Apple's share has changed little at the beginning of Tuesday's session.