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Ireland fund to handle $15-bn Apple's back taxes

Apple would have to pay as much as 13 billion euros in back taxes

Peter Flanagan | Bloomberg 

The Irish government is setting up a fund to manage the estimated $13 billion ($15.2 billion) 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 statement. 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 ...

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First Published: Mon, July 24 2017. 00:06 IST
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