The start of the tax repayments follows an agreement between Ireland and Apple to set up an escrow account to hold the money pending their appeals in Europe’s highest court.

Paschal Donohoe, Ireland’s Minister for Finance, said: ‘This is a very, very significant development now in terms of dealing with this issue.

‘My expectation now is that the first payment into this account will take place in May and all following payments in relation to this account will be complete by the end of quarter three of this year.’

The appeal by Apple and Ireland against the European Union's ruling for payment of the back taxes is expected to be heard in the autumn.

Donohoe said: 'The government fundamentally disagrees with the ruling of the Commission. However, as committed members of the European Union, Ireland is intent on complying with our binding legal obligations in this regard.

'This is the largest recovery fund of its kind ever to be established and due to the complexity of such, together with our duty to comply with EU procurement rules, it has taken some time to get to this point. I am happy that I can sign the deed with Apple today, which has been the subject of difficult and intensive work.'

In August 2016, the European Commission ruled that Apple had received an unfair tax advantage from Ireland. Both the tech company and Ireland disputed this saying that Ap[ple's tax treatment was in line with Irish and EU law.

Report by Amy Austin