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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 

Apple, iPhone, iPad
Photo: Reuters

The is setting up a to manage the estimated $13 billion ($15.2 billion) it will collect from Inc. in back taxes, nearly a year after the ruled the country had provided a sweetheart deal on tax to the firm.
 
The government and 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 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, and the on the recovery process,” the finance ministry said.
 
The EU’s Competition Commission ruled in August that gave a special deal on corporation tax, breaking state-aid rules. That meant would have to pay as much as 13 billion in

 
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 and on all aspects of this process,” the ministry said.
 
“The European Commission’s case against has never been about how much pays in taxes, it’s about which government gets the money,” said spokesman Josh Rosenstock. “The government, the and all agree we’ve paid our according the Since virtually all of our research and development takes place in the United States, according to the law, we pay the majority of our in the

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