DUBLIN (Reuters) – Ireland’s debt agency has invested disputed taxes collected from Apple in low risk, highly rated euro-dominated fixed income securities, mainly short to medium-term sovereign and quasi-sovereign bonds, it said in an annual report.
The European Commission ruled in August 2016 that Apple had received unfair tax incentives from Dublin in breach of EU state aid rules and ordered Ireland to recover more than 14 billion euros, including interest, from the iPhone maker.
Apple - Dublin - Ruling - Tax - Treatment
While Apple and Dublin are appealing against the ruling, saying the tax treatment was in line with Irish and EU law, Apple nevertheless had to hand over the full amount, pending the result of the appeal – which will likely take several years.
Ireland is holding the funds in an escrow account whose aim, the National Treasury Management Agency’s (NTMA) annual report said, was...
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