The Irish government and Apple have begun the process of appointing an escrow agent and custodian to hold the estimated €13-15 billion fund representing tax and interest Ireland will have to recover from Apple, should the Court of Justice uphold the European Commission’s decision on state aid.
Ireland’s finance minister, Paschal Donohoe, has issued a statement that the Irish government is ‘fully committed to ensuring that recovery of the Apple state aid takes place without delay’, subject to a final judgment by the court ‘over the validity of the European Commission’s decision’.
Following an investigation, the European Commission decided in August 2016 that Ireland had breached state aid rules to the tune of approximately €13 billion in two tax rulings, the first of which was issued in 1991, in favour of two Apple subsidiaries which operated in the country until 2015. The Irish government and Apple lodged their applications to the General Court of the European Union in December to have the Commission’s decision annulled. The full pleas were published in the EU Official Journal in February.
The formal EU procurement process for the escrow agent and custodian is expected to take approximately five months.
The Irish government and Apple have begun the process of appointing an escrow agent and custodian to hold the estimated €13-15 billion fund representing tax and interest Ireland will have to recover from Apple, should the Court of Justice uphold the European Commission’s decision on state aid.
Ireland’s finance minister, Paschal Donohoe, has issued a statement that the Irish government is ‘fully committed to ensuring that recovery of the Apple state aid takes place without delay’, subject to a final judgment by the court ‘over the validity of the European Commission’s decision’.
Following an investigation, the European Commission decided in August 2016 that Ireland had breached state aid rules to the tune of approximately €13 billion in two tax rulings, the first of which was issued in 1991, in favour of two Apple subsidiaries which operated in the country until 2015. The Irish government and Apple lodged their applications to the General Court of the European Union in December to have the Commission’s decision annulled. The full pleas were published in the EU Official Journal in February.
The formal EU procurement process for the escrow agent and custodian is expected to take approximately five months.
