Apple to start paying €13bn into holding account

US multi-national tech company Apple is to start paying €13bn in back taxes the European Commission claims is owed to Ireland into a special holding account after a year of delays over the funds, writes Fiachra Ó Cionnaith.

Finance Minister Paschal Donohoe confirmed that an agreement has been reached with the international tech giant 12 months after a strict European Commission deadline for the payments to begin failed to be met.

After a meeting with European Commissioner for Competition Margrethe Vestager in Brussels, Mr Donohoe told reporters the repayments will begin in the first quarter of next year.