Apple tapped escrow to pay tax in another country

Apple had lodged over €14.28bn into the account between May and September 2018, but the value of the fund had fallen to €14.02bn by the end of 2019. File picture: PA Wire

Most of the €265m that Apple withdrew from the billions of euro held in an escrow account that the Irish Government had set up was used by the iPhone giant to pay a tax bill in an unidentified country, the Public Accounts Committee has heard.

Apple had lodged over €14.28bn into the account between May and September 2018, but the value of the fund had fallen to €14.02bn by the end of 2019.