Ireland has recently announced its plans for how it will spend the $14 billion windfall it received from tech giant Apple. The European Commission ruled in 2016 that Apple had received illegal state aid from Ireland, and as a result, the company was ordered to pay back $14 billion in back taxes.
The Irish government has now outlined its plans for how it will use this substantial sum of money. The majority of the windfall, around $13.8 billion, will be placed into an escrow account while Ireland appeals the European Commission’s ruling. The remaining $200 million will be used to fund a new state-run investment fund focused on innovation and research.
Irish Finance Minister Paschal Donohoe stated that the decision to appeal the ruling was not taken lightly, but it was necessary to protect Ireland’s reputation as a business-friendly country. The government believes that the European Commission’s ruling could harm Ireland’s ability to attract foreign investment in the future.
The new investment fund, which will be called the Ireland Strategic Investment Fund, will focus on supporting projects in areas such as technology, healthcare, and renewable energy. The fund will be overseen by a committee of experts and will aim to drive economic growth and job creation in Ireland.
In addition to the investment fund, the Irish government also plans to use some of the Apple windfall to pay down the country’s national debt and invest in infrastructure projects such as roads and public transportation.
Overall, Ireland’s plans for how it will spend the $14 billion Apple windfall reflect a commitment to supporting innovation and economic growth while also ensuring financial stability for the country. With careful planning and strategic investments, Ireland hopes to make the most of this unexpected windfall and continue to thrive as a hub for technology and business.