Ireland chooses investment firms to handle back taxes from Apple

Ireland has chosen the investment firms it wants to collect $18.5 billion  in disputed back taxes from Apple.

The country tapped Amundi, BlackRock Investment Management, and Goldman Sachs Asset Management to manage the money. The funds will go into an escrow account until Apple’s appeal process is complete. The Bank of New York Mellon will administer the fund. 

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The European Commission, Europe’s anti-trust and consumer investigation agency, ruled in 2016 that Ireland, Luxembourg and the Netherlands have attracted investment and jobs by helping big companies avoid tax in other countries, including EU members. The commission suspects 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. At 12.5%, Ireland’s corporate tax rate beats the U.S. rate of 35%. However, participating companies don’t pay that 12.5% under the double Irish structure.