Ire­land seeks cus­to­dian for Ap­ple cash as col­lec­tion nears

Muscat Daily - - BUSINESS -

Dublin, Ire­land - The Ir­ish gov­ern­ment is set­ting up a fund to man­age the es­ti­mated US$15.2bn it will col­lect from Ap­ple Inc in back taxes, nearly a year af­ter the Euro­pean Com­mis­sion ruled the coun­try had pro­vided a sweet­heart deal on tax to the US firm.

The gov­ern­ment and Ap­ple will jointly ap­point a cus­to­dian to hold the money to be de­posited by the iPhone maker, the fi­nance min­istry said in an emailed state- ment. The funds will be held in es­crow pend­ing ap­peals by Ap­ple and Ire­land, which could take years. One or more in­vest­ment man­agers will also be hired to man­age the money.

“Com­mence­ment of this pro­cure­ment process rep­re­sents a sig­nif­i­cant mile­stone and fol­lows months of in­ten­sive dis­cus­sions be­tween Ire­land, Ap­ple and the Euro­pean Com­mis­sion on the re­cov­ery process,” the fi­nance min­istry said.

The EU’s Com­pe­ti­tion Com­mis­sion ruled last Au­gust that Ire­land gave Ap­ple a special deal on cor­po­rate tax break­ing state-aid rules. Ire­land was sup­posed to have col­lected the funds by Jan­uary. Ir­ish of­fi­cials are work­ing in­ten­sively to com­ply with its re­cov­ery obli­ga­tions “as soon as pos­si­ble, and re­main in reg­u­lar con­tact with the Euro­pean Com­mis­sion and Ap­ple on all as­pects of this process,” the min­istry said.

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