Apple shares closed higher in the US Tuesday, as the global tech innovator payed a disputed €14.3 billion tax bill to the Irish finance Ministry. Apple is appealing the European Commission’s decision that it received illegal tax breaks from the country.
Apple shares ended the US Tuesday trading session 0.17% higher at $218.24. The stock has been mixed in recent weeks and is currently a little higher in out-of-hours activity.
Apple pays Irish tax bill
In 2016 the EU ruled that Apple had been the recipient of illegal state aid from Ireland. The body said the US iPhone maker must repay the taxes it identified, plus interest.
The Irish Government confirmed Tuesday, that it had received the full required amount of $13.1 billion in back taxes, plus €1.2 billion interest from Tim Cook’s firm.
However, the Irish Finance Ministry, along with Apple, still disputes any illegal state aid was afforded to the tech giant and the funds are being held in escrow, while an appeal against the ruling is ongoing.
“While the Government fundamentally disagrees with the Commission’s analysis in the Apple State Aid decision and is seeking an annulment of that decision in the European Courts, as committed members of the European Union, we have always confirmed that we would recover the alleged State aid,” said Irish Finance Minister, Paschal Donohoe.
“We have demonstrated this with the recovery of the alleged State Aid which will be held in the Escrow Fund pending the outcome of the appeal process before the European Courts”, he added.
Apple’s iOS 12 update
Separately, Apple’s latest tech upgrade is now available. iOS 12 will bring a host of upgrades to iPhone products, including the ability for users to limit their user time on apps and their overall screen time.
Daily and weekly reports will show users how much time is being spend on their tablet or phone and also, on each app.
Screen Time means parents can have a thorough repot of exactly how their children are interacting with their devices, too. And new controls mean limits can more easily be put in pace.