Ireland seeks custodian for Apple cash as collection nears
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.