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 also be hired to manage the money.