State seeks financiers to manage up to €15bn in Apple tax money

The Department of Finance has revealed that the amount of back-taxes it will have to collect from iPhone maker Apple could be up to €15 billion, including interest.

The Department detailed the figure in a statement on Saturday as it launched a process to find investment managers and custodians to take care of the money while the State appeals a 2016 European Union ruling that Apple received €13 billion in illegal state aid in the decade to 2014.

“The Government is fully committed to ensuring the recovery of the Apple state aid takes place without delay and has committed significant resources ensuring this is achieved, notwithstanding the appeal lodged in 2016,” the Department said.

“The recovery amount will be paid into an escrow with final release when there is a final determination in the European courts over the validity of the European Commission’s decision.”

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