State receives first repayment from Apple

State receives first repayment from Apple

Apple has repaid the first instalment of the alleged aid it received from the State.

Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD confirmed the Government collected the first €1.5 billion instalment of the €13 billion sum from the company today.

It was deposited in the Escrow Fund, meaning the government cannot spend the money yet.

This is the first of a series of payments, with the expectation that the remaining payments will flow into the fund during Q2 and Q3 of 2018.

The Department of Finance said there will be no further official comment the full recovery has been completed, which is expected by the end of Q3 2018.

The Government appealed against the decision of the European Commission, who ruled Apple has had an unfair advantage because of its tax treatment here.

Digital Desk

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