Apple signed an agreement with Ireland's government that would allow the nation to recover nearly $15.8 billion (€13 billion) in tax breaks that have been deemed illegal state aid, according to Politico.
The European Commission referred Ireland to the European Court of Justice in October, and the country will most likely avoid a second referral thanks to the newly signed agreement. Apple will pay the funds into an escrow account, with the preferred custodian Bank of New York Mellon, London Branch.
European Competition Commissioner Margrethe Vestager ruled in August 2016 that Apple must reimburse Ireland $15.8 billion (€13 billion) plus interest because Ireland granted the company tax breaks that were not available to all companies. Ireland and Apple both appealed the initial ruling.
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