The European Court of Justice’s decision to order Apple to pay Ireland 13 billion euros ($14.4 billion) gives the government an opportunity to address urgent needs in infrastructure, housing and investment projects, Prime Minister Simon Harris said Thursday.
Ireland has fought alongside Apple against the European Union’s back tax bill since 2016, seeking to defend its position as a preferred location for US multinationals in Europe, but it has agreed to be able to use the cash, which has since grown to €13.8 billion in an escrow fund.
Ministers have pledged to decide in the coming weeks how to invest the funds – equivalent to about half of Ireland’s annual corporation tax – and Mr Harris’ comments suggested the money would not simply be added to a new sovereign wealth fund.
“This money can’t be spent day to day because you only get it once, but there are options and possibilities as to what we can do with it… how to address some of the urgent challenges in infrastructure, capital and housing,” Mr Harris told national broadcaster RTE.
“I said this all along over the summer, before the Apple ruling, when it comes to things like housing, water and energy, we have real constraints in this country and we need to invest.
