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Zhang Peng

Apple forks over first billion in $15B Irish tax fine

Both Apple and Ireland are appealing the EU fine.

Apparently it's time for Apple to pay up.

Apple has deposited €1.5 billion, or about $1 billion, into an escrow account set up to hold €13 billion in disputed Irish taxes, EU Finance Minister Paschal Donohoe said on Friday.

In 2016, the EU ordered the iPhone maker to pay almost $15 billion in back taxes to Ireland. The EU believes Ireland hasn't been collecting enough taxes and instead has been giving companies like Apple too big of a break on its already low 12.5 percent tax rate.

Both Apple and Ireland are appealing the EU fine. Apple has also reportedly moved its cash to the small island of Jersey -- a well-known tax haven -- off the south coast of England to avoid further Irish taxation.

Apple is expected to deposit the full fine into the account by September. The money will be held there until a final judgement is reached.

Apple didn't respond to a request for comment.