Apple makes first tax repayment to State of €1.5bn

Electronics giant Apple has paid €1.5bn into an escrow account set up by the Government to retain the €13bn in disputed taxes the company owes Ireland.

It is the first in a series of payments, with the expectation being that the remaining tranches will flow into the fund during the second and third quarters of this year.

Last month, Finance Minister Paschal Donohoe announced the payments would begin after signing a detailed legal agreement on the refund of what the EU alleges is State aid by the technology giant.