The Government has offically begun the process of claming the €15bn tax bill owed by the technology giant Apple.
In announcemnt made on Wednesday, the Department of Finance confirmed that they will officially start transfering funds into an escrow account whilst they wait for an appeal in the European Courts of Justice.
The latest developments come after the EU ordered the state to start reclaiming the funds last year after Apple were found in breach the EU’s tax laws.
Although the Irish Government and Apple have said they have complied with current taxation laws, the European Commission has stated Ireland must reclaim the owed tax this year or they could face further penalties.
In announcment, the Department of Finance said they have already selected location to place the reclaimed funds whislt an official ruling is made.
It is believed the Government fully intend to collect the funds in the second quarter of 2018 and they will be held in an escrow account at the London branch of the New York Mellon bank.
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