European Union scraps Ireland lawsuit in Apple 'state aid' case

"We have demonstrated this with the recovery of the alleged state aid which will be held in the Escrow Fund pending the outcome of the appeal process before the European courts".

The European Commission ruled in August 2016 that Apple had received unfair tax incentives.

They have also paid a further €1.2 billion in European Union interest.

Apple has paid the massive back tax pile the European Union said it owed Ireland over alleged state aid violations, but instead of blowing the money on loads of skyscrapers, high-speed train networks, bridges and tunnels and installing big wheels in every town and city across the nation, Irish politicians are keeping the money safe and untouched in an account.

In the case of Apple and Ireland, Apple (aapl) was paying an effective corporate tax lower than 1%, thanks to deals struck with the authorities there in 1991 and 2007.

Apple and Dublin claim that they did not break Europe's anti-trust laws.

Minister for Finance Paschal Donohoe confirmed that the tech giant deposited €13.1bn plus European Union interest of around €1.2bn.

Ireland's Finance Ministry said the payment was a "significant milestone", although Dublin insists Apple was not given any special tax treatment.

Apple is refusing to comment on the decision, instead rehashing a statement from past year that said it is cooperating with the recovery process and was confident the decision would be overturned.

"It has taken time to establish the infrastructure and legal framework around the escrow fund but this was essential to protect the interests of all parties to the agreement", he added.

"In light of the full payment by Apple of the illegal State aid it had received from Ireland, Commissioner (Margrethe) Vestager will be proposing to the College of Commissioners the withdrawal of this court action", Commission spokesman Ricardo Cardoso said in an email.

Ireland's finance ministry said it expects it to take several years for European courts to resolve the issue.

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