The Latest: Apple CEO says no 'special deals' with Ireland

Apple CEO Tim Cook says the iPhone maker never asked or received "special deals" on its taxes from Ireland, and that the company will appeal the European Union's decision for it to pay up to 13 billion euros ($14.5 billion) in back taxes.

Peter Vale, a Dublin-based corporate tax expert for accountancy firm Grant Thornton, calculates that Tuesday's judgment if upheld on appeal will cost Apple 19 billion euros ($21 billion) because the order includes interest for unpaid tax going back more than a decade.

Vale says the EU order will require the Irish tax collection agency to issue a demand soon for payment, and any money handed over by Apple would be placed in a hands-off escrow account pending years of litigation before the European Court of Justice in Luxembourg.

Vale says: "While the tax to be collected is hugely significant, this is unlikely to be made available for public expenditure purposes pending the appeal result."

Ireland's accelerating economy is already producing rapid growth in tax collections from workers, sales tax and an EU-leading multinational sector of around 1,000 companies with Irish bases.

In a response Tuesday, it accused the EU competition authorities of ignoring international and Irish tax law and seeking to scare foreign investment out of Europe.

Whereas Ireland taxes only a multinational company's profits on sales within Ireland — a country of barely 4.6 million and representing a tiny fraction of those companies' global business — the United States often seeks to recoup tax on a U.S.-headquartered company's profits worldwide.

Irish Finance Minister Michael Noonan has rejected the European Commission's ruling and says Ireland will appeal the judgment, insisting that Ireland's tax rules were transparent and straightforward.