Apple's $14 Billion Back Taxes Won't Affect Ireland's Budget

Apple is set to pay over 13 billion euros in back taxes to Ireland after a ruling by the European Union's top court. The Irish finance minister stated this would not alter the national budget. Discussions on how to utilize the funds will take place over the coming weeks.

Apple is poised to pay more than 13 billion euros ($14 billion) in back taxes to Ireland following the European Union's top court ruling, a move that will not impact the national budget on October 1, according to Irish finance minister Jack Chambers.

Speaking in Dublin, Chambers mentioned that the government would take a few weeks to deliberate on the best use for the sizable sum. He also indicated that it is currently uncertain whether other nations might seek a share of the funds.

($1 = 0.9066 euros)

(With inputs from agencies.)