Dublin 'will collect' €13bn EU says that Apple owes in unpaid taxes
The Irish Government has said that it expects to receive the €13bn the EU says it is owed by Apple by the end of September.
Announcing the signing of a legal agreement between Apple and the Irish Government yesterday, Minister for Finance Paschal Donohoe TD said that he expects a first payment to be made next month, following which all payments are expected to be received by the end of September.
The European Commission has ordered Ireland to collect €13bn from Apple for what it has ruled are unpaid taxes.
The Irish Government here and Apple say the tax was never owed and have appealed the ruling.
However, that could take several years and, in the meantime, Ireland must collect the tax and hold onto it.
If Ireland wins its case, it will hand the €13bn back to Apple at the end of the process.
Describing yesterday's agreement as a "significant milestone" the Minister said that the agreement means that the Government can proceed and appoint investment managers to look after the fund.
When asked how the money would be invested, Minister Donohoe said that decisions in this respect would be a matter for the investment managers.
"The challenge of course is that this is a very large amount of money, and in the current environment of low interest rates and yields that we are in, decisions in relation to where this money is going to be invested will require very careful work on behalf of our investment manager," Minister Donohoe said.
However, he said that any investment decisions should be 'low risk'.