Ireland Not Keen on Cashing Apple's £12bn Tax Cheque

By Gary Cutlack on at

Apple has paid the massive back tax pile the EU said it owed Ireland over alleged state aid violations, but instead of blowing the money on loads of skyscrapers, high-speed train networks, bridges and tunnels and installing big wheels in every town and city across the nation, Irish politicians are keeping the money safe and untouched in an account. And trying to be allowed to give it back.

Ireland's windfall consists of €13.1bn in taxes along with €1.2bn of interest on the outstanding balance, a bill that the EU said Apple owed the country because of extra special tax laws that were agreed that amounted to something approaching state aid. Ireland disagrees with this, though, and is appealing the decision, as it would like other cash-rich multinationals to continue to invest in the country and enjoy the benefits of its generous business tax regime.

The Irish government has said it "fundamentally disagrees" with the EU's forcing of the issue and says its dealings with Apple met Irish and European Union law, and is appealing to the European courts so it can hand the gigantic windfall straight back to Apple. [Reuters]