The Irish Ministry of Finance announced the launch of the procurement process in relation to Apple state aid recovery. The Department of Finance also revealed that funds may be higher than initial €13bn estimate.
On July 22, the Irish Ministry of Finance published a Statement from Minister Donohoe on launch of procurement process in relation to Apple state aid recovery. The Government informed it is fully committed to ensuring that recovery of the Apple state aid takes place without delay and has committed significant resources to ensuring this is achieved.
"Commencement of this procurement process represents a significant milestone and follows months of intensive discussions between Ireland, Apple and the European Commission on the recovery process," Minister Donohoe said.
The Irish Ministry of Finance informed that the recovery amount will be paid into an escrow fund with final release when there has been a final determination in the European Courts over the validity of the European Commission’s Decision. As part of the establishment of the escrow fund, an escrow agent/custodian will be appointed by Apple and the Minister for Finance and Public Expenditure and Reform (the Minister) to hold and administer the escrow fund. The Minister is appointing the NTMA as his agent to run this procurement process.
Further information will be published shortly in the Official Journal of the European Union.
Source: Finance Department of Ireland
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):
What the Boardroom needs to know about Tax today
Webinar - Thursday, May 31, 2018 | 4:00 PM - 5:00 PM (CET)
How to run VCA in 2018? - 3 Practical Case Studies
Webinar - Thursday, June 7, 2018 | 4:00 PM - 5:00 PM (CET)
Global Tax Controversy - Workshop for Corporates
Global Event - Thursday, June 21, 2018 | 9:00 AM - 6:00 PM (CET)
Copyright © 2018
Transfer Pricing Associates BV.
All rights reserved.