How the Government will spend €14 billion Apple tax revenue to be outlined on Budget day
Taoiseach Simon Harris says the money will be used for investments and infrastructure
Taoiseach Simon Harris has said he hopes to outline how the €14 billion Apple tax revenue will be spent on Budget day, October 1.
Last week, the European Commission ruled that Apple had underpaid €13 billion in tax to Ireland. The ruling ordered Apple to pay €13.1 billion in unpaid taxes plus €1.2 billion in interest into an independent third-party administered escrow account. The Department of Finance confirmed that the total value of funds owed by Apple is now €14.1bn.
There has been much speculation and suggestions as to how the Government should spend the money. There is consensus in the Government that the money will not go towards day-today costs or used to underpin tax cuts.
Taoiseach Simon Harris has said that the Apple money will be used for infrastructure and investments for future benefit.
As housing remains a top priority for people in the country, the Government is likely to direct some of the fund towards investments in this area.
In terms of infrastructure, it is also expected that the money will be invested in water services and increasing the capacity of the national grid.
Sinn Féin has said that the people will decide how to spend the €14 billion in the upcoming election and not the current Government.