Apple reduced escrow fund to pay tax in another country

Escrow fund continues to fall in value while case is under appeal

Apple set up the €14.3bn escrow fund pending the appeal of the European Commission tax case. Picture Dan Linehan

The largest part of the reduction in value of the multi-billion escrow fund set up by Apple and Ireland relates to a €209 million withdrawal by the tech giant to pay tax in another jurisdiction, the Public Accounts Committee (PAC) has heard.

Apple's lodgement to the account between May and September 2018, totalled €14.285 billion, but by the end of 2019, the net assets of the fund had declined to €14.02 billion, a loss in value of €265 million.