According to reports this morning the Government have apparently accepted that they will reluctantly have to agree to the EU’s terms and collect the €13bn in back taxes owed by global technology giant Apple if their appeal against the ruling fails.
Ahead of today’s 10 hour long debate regarding the appeal’s process the Department of Finance has released a report stating that the Revenue Commission is now obliged to accept the €13 billion windfall which will then be subsequently placed in an escrow account.
However if European Commission grants the state’s appeal, the revenue would then be returned to Apple. Although, if the commission’s decision is upheld, the large revenue will be paid to the Irish State.
The report also outline’s the possibility of other EU member states being entitled to a proportion of the overall sum in what it describes as an “unprecedented” aspect of the ruling.