By Dara Doyle Source: Bloomberg.com Goldman Sachs Group Inc, Amundi SA and BlackRock Inc. were chosen to manage about 13 billion euros ($16 bill
By Dara Doyle
Source: Bloomberg.com
Goldman Sachs Group Inc, Amundi SA and BlackRock Inc. were chosen to manage about 13 billion euros ($16 billion) in back taxes that Apple Inc. will pay to Ireland, bringing recovery of the cash a step closer.
Over the coming weeks, the National Treasury Management Agency, which is conducting the procurement process for the government and Apple will be working with the preferred bidders to finalize contracts, the finance ministry said in Dublin on Friday.
In a 2016 order that reverberated across the Atlantic, the European Commission, the EU’s executive arm, slapped Apple with the bill, saying Ireland had granted unfair deals that reduced the company’s effective corporate tax rate. While Apple and Ireland appeal the decision, regulators demanded that Ireland hold the money in escrow until the process is complete. The appeal may take as long as five years.
The commission sued Ireland in October for failing to collect the taxes quickly enough. The money, which was initially due by Jan. 3, 2017, will be collected in the second quarter of this year, the Irish government has said. In December, the EU indicated that it could drop the lawsuit if the money was collected.
Earlier this month, Bank of New York Mellon Corp. won the contract to act as custodian for the cash.
