Apple Will Help Choose Investment Manager for Irish Tax Billions
- Apple role may partly sidestep need for Irish cash indemnity
- Three fund managers may be chosen over next three months
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Ireland and Apple Inc. will jointly choose investment managers for as much 15 billion euros ($17.9 billion) of the IPhone maker’s money during a tax fight with European Union regulators.
In an order that reverberated across the Atlantic, the European Commission last year slapped Apple with a multibillion-euro bill, saying Ireland granted unfair deals that reduced the company’s effective corporate tax rate. Irish authorities will place the money in an escrow account pending an appeal.