Apple's €14bn escrow account wound down
Apple
escrow account has been closed, resulting in the transfer of almost €14.25 billion to the exchequer, the
Department of Finance
has revealed.
The value of the assets held in the account increased by €470 million in the 16 months in advance of its closure in May, having already grown by €400 million during the preceding year.
This left the total value of the funds at €14.244 billion – slightly less than the €14.3 billion originally lodged by Apple in 2018 after the
Court of Justice of the European Union (ECJ)
found that the group had received illegal state aid from Ireland.
The financial assets had depreciated in value for five successive years before recording their first gain in 2023 as a result of higher interest rates and investment in assets with higher yields.
READ MORE
The final accounts, just published by the Department of Finance, show that the Ireland Apple Escrow Fund increased in value by €475 million in the 16 months before its closure, resulting in a €470 million profit after operating expenses.
Following the closure of the fund on May 16, €1.567 billion was transferred directly to State coffers, while €12.677 billion was paid to the Revenue Commissioners for onward transfer to the Exchequer.
Apple had originally transferred €14.3 billion to the escrow account in 2018 pending its appeal against a European Commission decision, which found that the tech giant owed Ireland €13.1 billion plus interest of €1.2 billion.
The figure amounted to the tax the multinational previously had not paid on profits, due to a favourable tax arrangement that existed for its Irish subsidiaries over several years.
Last September, the ECJ delivered its final verdict in the long-running tax case, ruling against Apple's latest bid to overturn the Commission's decision. Its ruling 'set aside' a ruling by the EU's second-highest court, the General Court, four years ago, which had quashed the commission's decision that Apple owed the Republic the back taxes.
The long-running dispute was the world's largest antitrust case to date.
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