The Irish government says its €14 billion (about US$15.2 billion) tax windfall from Apple.is being used to beef-up the country’s National Development Plan (NDP), according to the BBC.
It’s a €112bn (£97bn) package of infrastructure investments. It will be spent on housing, energy, water and transport projects between 2026 and 2030. The BBC says it’s also been confirmed that just under €1bn (£867m) will be committed to the cross-border Shared Island fund up to 2030.
The moolah from Apple is a payment of back taxes after the European Commission ruled that Ireland had unfairly provided a “sweetheart deal” to the tech giant. Europe’s anti-trust and consumer investigation agency claimed that Ireland, Luxembourg and the Netherlands attracted investment and jobs by helping big companies avoid tax in other countries, including EU members.
The commission said Ireland was too lenient in rulings it gave to Apple and which helped the company shield tens of billions of dollars in profit from taxation. As a result, the EU stuck the tech giant with a back-tax bill of €14 billion.
