Apple agrees to set aside more than $15 billion to Ireland in back taxes

Enlarge / Apple CEO Tim Cook looks on as the new iPhone X goes on sale at an Apple Store on November 3, 2017 in Palo Alto, California. (credit: Justin Sullivan/Getty Images)

According to a top Irish official, Apple has agreed to reserve around $15.4 billion in back taxes.

"We have now reached agreement with Apple in relation to the principles and operation of the escrow fund," Finance Minister Paschal Donohoe told reporters before a meeting with European Competition Commissioner Margrethe Vestager, per Reuters.

"We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year."

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