Ireland setting up fund to manage Apple back taxes

Dublin

THE Irish government is setting up a fund to manage the estimated 13 billion euros (S$20.6 billion) it will collect from Apple Inc in back taxes, nearly a year after the European Commission ruled the country had provided a sweetheart deal on tax to the US firm.

The government and Apple will jointly appoint a custodian to hold the money to be deposited by the iPhone maker, the finance ministry said in an e-mailed statement. The funds will be held in escrow pending appeals by Apple and Ireland, which could take years. One or more investment managers will a…