Irish Prime Minister Simon Harris said his country has "exciting opportunities" as it considers how to spend an almost €14 billion ($15.4 billion) windfall it will receive as a result of Apple Inc. losing a European court fight over its tax bill.
"This is a situation where we do have finality, we will have about €14 billion and there are exciting opportunities as to how we can invest that in the infrastructure for future generations," he said Thursday on RTE radio.
On Tuesday, the European Union's Court of Justice in Luxembourg
The Irish government has always maintained that it didn't think Apple owed these taxes and denied having given the tech giant any preferential treatment, but the money involved has been sitting in escrow since the initial 2016 ruling.
Ireland is now in the enviable position of having a windfall to spend that is the equivalent of 14% of government spending this year, or some €2,700 for every man, woman and child in the country.
"I don't want to get into specific projects because I do want government to make a considered and informed decision on this. But there is an opportunity here," said Harris.
The money will take a few months to be transferred to the Irish exchequer, said Harris, adding that he isn't aware of any other claims to it.
Ireland is grappling with a housing crisis caused by a shortage in supply, along with other infrastructure issues. "When it comes to things like housing, water and energy, there are real constraints in this country and we need to invest in them," said Harris.
The Apple funds won't be part of the upcoming budget, he added. "It cannot be spent on day to day, for example you can't put it in the state pension," he said. "You only get this money once."
The funds have been accruing interest since the bill was paid by Apple into the escrow account. The Irish government said in July the total value of the fund stands at €13.8 billion, after generating €400 million in 2023.
The Irish government has come in for criticism from opposition parties that it had sided with Apple and fought the court case.
"Any responsible government would stand by the independence of its tax system and its revenue system," Harris said in defending the stance. "Six thousand people in Ireland are employed by Apple today. Hundreds of thousands of people are going to work in multinational companies the length and breadth of this country. And actually standing by multinationals and tax policy is an important thing."
