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Apple Pays Ireland record shattering $15 Billion lump sum to settle tax dispute.

Ahead of an upcoming appeal of a 2016 tax ruling, Apple has paid the equivalent of over $15 billion to the Irish government to settle claims of underpayment of tax to the European Union.

Apple has paid the entire 13.1 Billion euro outstanding balance of its disputed taxes to the government of Ireland. In addition to 13.1 billions (In US Dollars). Apple has paid an additional 1.2 billion euros in interest.

The reason for the payments is a 2016 ruling by the European Commission finding that Ireland must collect back billion in taxes from Apple. The ruling found that the Irish government has extended preferential tax treatment to Apple, which has long had its european headquarter in that country. The EU does not allow individual member states to give company benefits not available elsewhere in the EU.

Both Apple and Ireland are appealing the ruling, and the appeal is expected to start this fall.

In February, the EU said it might drop a court case against the irish government if it succeeded in covering the money owned by Apple.

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An engineering graduate, Anish turned to writing after a couple of years of experience in core technology field. At The iBulletin, Anish covers latest updates related to trending apps & games on the app store.

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