News Item

25 October 2017  
  

SORRY WE’RE IRISH: WE CANNOT HANDLE €13 BILLION


SORRY WE’RE IRISH: WE CANNOT HANDLE €13 BILLION
Remember when Fine Gael politicians tried to frighten us about fines from Europe if we did not pay water charges?
Now we learn that Ireland will be fined by the EU because a Fine Gael led government has been unwilling to take Apple’s back taxes worth €13 billion into a holding account.
They were given a year to collect the back taxes and put it away into an escrow account while Apple appealed a ruling.
As this appeal could take up to five years, the Irish state stood to earn several hundred million in interest.
That is money that could be used to cut back on hospital waiting list or build a few council houses to get the homeless off the streets.
But not only is the government paying legal firms to support Apple’s appeal – it will not even take the €13 billion on a temporary basis.
It claims that it needs to find a special investment manager who can handle the sum.
This, the government claims, is SO complicated that it has taken them over a whole year to find one – and still they cannot take the money.
All of this is pure nonsense!
The real reason is that the Irish state is working closely with Apple to agree on the investment manager who will handle the money.
On September 6th Bloomberg ran a story under the headline ‘ Apple will help choose Investment Manager for Ireland’s Tax Billions’.
It claimed that the investment manager who will take control of the fund must have had at least 500 billion euros of assets under management at the end of 2016.
In other words it has to be a large US conglomeration which will cream off millions in interest payments.
In the past, a poor Irish peasant was supposed to bow their head to the ‘gentlemen’ landlord.
Today we have a government that will lick the boots of a multi-nationals like Apple.
It will spend tax payers’ money to stop them paying the Irish people what they owe in back taxes – and it won’t even touch the money on a temporary basis until Apple says who will manage it.
What a country!
Brian Finucane
People Before Profit Kerry





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