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Ireland invests disputed Apple taxes in low risk, highly rated bonds

Ireland invests disputed Apple taxes in low risk, highly rated bonds
FILE PHOTO: An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar -
Mike Segar(Reuters)
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DUBLIN (Reuters) – Ireland’s debt agency has invested disputed taxes collected from Apple in low risk, highly rated euro-dominated fixed income securities, predominantly short to medium-term sovereign and quasi-sovereign bonds, it said in its annual report.

The European Commission ruled in August 2016 that Apple had received unfair tax incentives from Ireland. Both Apple and Dublin are appealing the ruling, saying the iPhone maker’s tax treatment was in line with Irish and European Union law.

Nevertheless Ireland had to fully recover the 13.1 billion euros (11.69 billion pounds) plus interest of 1.2 billion, pending the appeal that will take several years. It will hold the funds in an escrow fund whose aim, the report said, was preserving capital to the greatest extent possible given prevailing market conditions.

(Reporting by Padraic Halpin)

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