Paradise Papers effect: Apple Agrees to pay $15 billion taxes to Ireland

Washington Dec 5: Recently the paradise papers released by ICIJ has created havoc among many leaders and many countries were forced to act as a result a company has agreed for settlement of the dispute.

Global MNC Apple had agreed to pay Ireland $15.46 billion in back taxes by early 2018. Irish Finance Minister Paschal Donohoe on Monday has said that "both sides agreed to the terms of an escrow fund for the money."

Earlier There were allegations against the Ireland Government that it given a free hand to iPhone manufacturer and showcasing negligency in recovering taxes that was supposed to be paid by the company.

The European Union had also planned to refer Ireland to the European Court of Justice for failing to recover the money in back taxes from Apple.

The agreement by company assumes significance because recently the Paradise papers investigation has revealed how the Apple company had approached Bermuda law firm to set up offshore entities to avoid tax payments to Ireland and this has led the company to defend itself and clean it hands by paying taxes.