Economic and Investment Outlook

Commission's ruling on Apple annulled Further appeal by EC means case continues In 2016, the European Commission ruled that Ireland illegally provided State aid of up to €13bn, plus interest to Apple. This figure was based on the tax foregone as a result of a historic provision in Ireland's tax code. The Irish Government closed this provision on December 31st 2014. Apple appealed the ruling, as did the Irish Government. The General Court granted the appeal in July 2020, annulling the EC's ruling. This case had nothing to do with Ireland's corporate tax rate. It related to whether Ireland gave unfair advantage to Apple with its tax dealings. The General Court has judged no such advantage occurred. The Commission have appealed to a higher court: the European Court of Justice. The advocate general, an official adviser to the court, is expected to deliver his opinion on the case in November. A final judgement is expected within 12 months. Pending the outcome of the second appeal, the €13bn plus EU interest will remain in an escrow fund. The NTMA has not included these funds in any of its issuance plans in the past or currently. The funds are seen as separate and will be returned to Apple if the General Court's decision is upheld. Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency 42

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