APPLE has paid back taxes and interest in the amount of €14.3 billion that the 2016 landmark EU ruling stated was due to Ireland.
According to the EU Commission’s ruling, Apple received up to 13 billion of illegal state aid. The Department of Finance continues to deny any ‘sweetheart deal’ and is appealing the decision. Ireland is obliged to collect the money and keep it in escrow until the appeal process comes to a conclusion.
Over the second and third quarter of 2018, Apple deposited 13.1 billion in state aid along with 1.2 billion in interest in the escrow account. Finance Minister Paschal Donohoe made a statement today confirming that the funds have been collected.
The EU Commission had complained that Ireland was taking too much time to recover the funds from Apple. Finally last year National Treasury Management Agency announced that BNY Melon won the tender to take responsibility for the operation of the multi-billion euro account.
Minister Donohoe confirmed that they are seeking that the EU Commission’s decision be reversed. He said, “While the government fundamentally disagrees with the Commission’s analysis in the Apple state aid decision and is seeking an annulment of that decision in the European Courts, as committed members of the European Union, we have always confirmed that we would recover the alleged state aid.”
He stated that this was the “the largest State Aid recovery at c. €14.3 billion and one of the largest funds of its kind to be established” and that it would take time for the legal framework and infrastructure pertaining to the escrow fund to be established.
Latest posts by Sarah Heaney (see all)
- Companies Investing in Employee Well-being and Mental Health - 13 November 2018
- Give an Hour, Gain an Hour 2018 Campaign Answer to the Problem of Loneliness in the Irish Population - 8 November 2018
- How a Vegan Lifestyle Can Help Manage Diabetes Successfully - 7 November 2018