Business

Thursday 26 April 2018

Government awards contract to look after €13bn Apple tax money to trio of investment firms

The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling. Photo: Reuters
The Government and Apple have consistently insisted the tax was never owed, and both have appealed the controversial ruling. Photo: Reuters
Donal O'Donovan

Donal O'Donovan

The Government has awarded a potentially lucrative contract to look after the controversial €13bn Apple tax money to a trio of global investment firms.

Amundi, BlackRock Investment Management and Goldman Sachs Asset Management have been named as preferred tenderers to provide investment management services, appointments aimed at making sure than the money is protected during lengthy legal appeals.

The European Commission has ordered Ireland to collect €13bn from Apple for what it claims are unpaid taxes. The Government here and Apple say the tax was never owed and have launched a legal challenge.

However, that could take years and in the meantime the State 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. Investment managers are being hired to make sure the vast pot doesn’t lose value in the meantime, because taxpayers would then be on the hook for any losses. 

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