The €14bn of Apple’s cash set aside to cover the tax demand made by the European Commission was reduced by almost €209m last year, the latest accounts report from the Comptroller and Auditor General (C&AG) shows. The money was put into an escrow account pending the outcome of all appeals, and is managed by Ireland’s National Treasury Management Agency (NTMA). The C&AG report shows that the total assets in the Apple escrow account at the end of 2019 were slightly more than €14bn. “In May 2019, Apple made a claim for a third country adjustment,” notes the C&AG report. The escrow agent is BNY Mellon, while the investment managers are Goldman Sachs Asset Management, Blackrock Investment Management and Amundi Asset Management.

Source: Irish Independent September 30, 2020 17:03 UTC