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.
Apple - USE TAG
reading•Apple forks over first billion in $15B Irish tax fine
Nov 16•Black Friday 2018 iPhone deals: $150 off iPhone XR and XS, $400 iPhone X gift card
Nov 15•Apple partners with studio A24, of Moonlight fame, to make movies
Nov 15•Costco Black Friday 2018 deals: $300 Dyson, $800 Surface Pro bundle and more
Nov 15•Sick of Facebook stalking you? This startup wants to reinvent personalization