News: One estimate says that Apple might have to pay more than $8bn in back taxes out of the $64bn it earned between 2004 and 2012.
A decision in the European Commission's investigation into Apple's tax dealings in Ireland is expected to be reached soon.
Ireland Finance Minister Michael Noonan met with Europe's Competition Commissioner Margrethe Vestager and said he expects the decision to come in September or October.
The investgation was launched two years ago after allegations surfaced about Apple saving billions of dollars over the years through tax evasion in Ireland.
It is also being rumoured that Ireland and Apple had come to a deal where the country will not report tax evasion and will create employment in 1991 and 2007.
With the recent Brexit decision, it could take some more time in coming to a decision due to the economic turmoil caused by the UK referendum.
In a statement Apple said that it pays all its taxes it owes wherever it operates. Ireland is also confident that its tax arrangement with Apple did not breach EU rules and it will defend its case vigorously in courts, if needs be.
US Treasury Secretary Jacob Lew is believed to meet Vestager this week. Four months ago, he complained that the EU has been making unfair targets of American multinationals conducting business in Europe. Vestager denied these allegations.
Apple operates with several subsidiaries in Ireland to pay significantly less tax outside of US and it earns up to two-thirds of its revenue.
The profits earned by Apple between 2004 and 2012 amount up to $64.1bn and could be subjected to a tax rate of 12.5% tax rate compared to less than 2% tax that it pays. In such a case, Apple might have to pay more than $8bn in back taxes.