Apple escrow account rises in value by €470m
The increase in the value of the investment follows an increase of €400m in 2023.
The Department of Finance has published the final National Treasury Management Agency's accounts for the Apple Escrow Fund.
It said that in September of last year, €12.67 billion was transferred to the Revenue Commissioners following a case in the Court of Justice of the European Union which Ireland lost.
A further €1.56bn was transferred to the Exchequer following a direction from Minister for Finance Paschal Donohoe in May of this year.
It means a total of almost €14.25bn was transferred to the State which was just below the original €14.3bn paid by Apple.
The fund suffered from a number of years where it lost money as Ireland fought the original decision of the European Commission in the courts.
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RTÉ News
an hour ago
- RTÉ News
ICTU calls proposed VAT cut 'economic vandalism'
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Irish Post
5 hours ago
- Irish Post
Ireland's financial services hit record levels
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The Journal
5 hours ago
- The Journal
Minister defends VAT cut for hospitality as government accused of breaking promises to workers
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When asked how much it is estimated to cost for the measure to be re-introduced, Donohoe said yesterday it will cost €1bn for a VAT reduction from 13.5% to 9% for restaurants and cafes, meaning there would not be much left for further tax reductions for others. He told reporters that he has always been clear that if the government greenlights this measure there will need to be 'trade-offs' in terms of other measures that the won't be delivered. Protecting 200,000 workers Speaking on RTÉ Radio One this morning, the enterprise minister defended the VAT reduction, stating that the tourism sector is a very important part of the economy. 'At this point in time, over 200,000 people are employed in it. It's a €9 billion sector. And it's so important to try and keep that sector sustainable,' said Burke. 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The news that workers might not feel many benefits in the budget this October has resulted in SIPTU Deputy General Secretary, Greg Ennis stating that private sector workers have been short-changed by government. In a statement this afternoon, he accused the government of 'broken commitments' on pensions, increased sick days and measures to offset the cost of living crisis while announcing tax breaks for business in its summer economic statement. Related Reads Analysis: Delaying details of big projects stinks of distraction ahead of the budget Tax measures and €9.4bn budget package not set in stone until we know US tariff outcome Cutting VAT on hospitality 'unjustified' and too expensive, says Department of Finance He said SIPTU representatives have written to the the enterprise minister seeking an urgent meeting. Ennis said failure to introduce meaningful measures to offset the cost of living crisis is being done at the same time as government promises to provide a VAT reduction to the hospitality sector which will cost the State an estimated €1 billion. 'This morning on national radio, the Taoiseach, Micheál Martin, stated that there was a prior commitment to the hospitality sector on a VAT reduction. However, what about the government's prior commitments to workers with regard to increasing statutory occupational sick pay from five to seven days in 2025, progression towards a living wage in 2026, which has now been shelved until at least 2029, and the abolition of subminimum wages for young workers,' he said. 'Kick in the teeth' for workers 'Without the Government reaffirming and meeting its commitments for improvements for workers in the private sector and a cost-of-living package, the cut in the VAT rate in Budget 2026 will amount to another kick in the teeth to them and their families,' said Ennis. He went on to state that the government has 'gone too far' in placing the interests of business above those of workers. When asked today if customers will see the VAT reduction passed on to customers and if there will be a reduction in prices for those dining out, Burke said: 'So critically it's very difficult to ask everyone to pass it on but we need to ensure that we keep the jobs in the first place and that's the prism I look through when I have a sustainability piece like this.' The government focus now, in the midst of global uncertainty, is to protect jobs, said the minister. Readers like you are keeping these stories free for everyone... 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