- Dec 12, 2007
https://www.bloomberg.com/news/arti...-custodian-for-apple-cash-as-collection-nearsThe Irish government is setting up a fund to manage the estimated 13 billion euros ($15.2 billion) it will collect from Apple Inc. in back taxes, nearly a year after the European Commission ruled the country had provided a sweetheart deal on tax to the U.S. firm.
The government and Apple will jointly appoint a custodian to hold the money to be deposited by the iPhone maker, the finance ministry said in an emailed statement. The funds will be held in escrow pending appeals by Apple and Ireland, which could take years. One or more investment managers will also be hired to manage the money.
The EU’s Competition Commission ruled last August that Ireland gave Apple a special deal on corporation tax breaking state-aid rules. That meant Apple would have to pay as much as 13 billion euros in back taxes.
Ireland was supposed to have collected the funds by January. Irish officials are working intensively to comply with its recovery obligations “as soon as possible, and remain in regular contact with the European Commission and Apple on all aspects of this process,” the ministry said.
I've no problem with setting up a fund for this money.
But what's to stop it being just another slush fund for a politician to dip their greasy fingers into whenever they find it politically expedient to do so ?
The National Pension Reserve Fund (NPRF) was raped by FF when the consequences of their actions finally bore fruit and collapsed the economy.
Taxpayers paid a levy into the fund (NPRF) which was established to allow the State build up a war chest of funds. This was to deal with the greatly increased demand for pensions that is anticipated in mid-century as the population grows older.
The NPRF’s asset base had increased to over €22 billion in 2009. However, following the economic and banking collapse, its assets have been diverted as successive governments raided it to fund programmes or help meet the State’s fiscal commitments during the crisis.
The €7 billion remaining in the fund has been earmarked for the Ireland Strategic Investment Fund since December 2014. That fund will invest in large capital and commercial projects which will be of strategic benefit.
How is it possible to prevent this fund being picked clean by politicians fearful about losing their seats ?