Ireland will use ‘transformational’ $14.4 billion Apple tax win for key infrastructure

Oct. 2 (UPI) — Ireland’s finance minister said Wednesday $14.4 billion in Apple tax payments will be used for key infrastructure investments to support economic development, including housing, transport, electric, and water systems.

The money comes from a European Union Court of Justice decision Irish Finance Minister Jack Chambers described as “transformational.”

Chambers made $3.32 billion of those tax funds available Wednesday for infrastructure spending.

“It is this government’s view that we should utilize these revenues to address the known challenges that we face in housing, energy, water and transport infrastructure,” Finance Minister Jack Chambers said in a statement. “It is imperative that this revenue is not used for day-to-day expenditure or to narrow the tax base.”

He added the money should be used strategically for Ireland’s future, improving the lives of people and communities while supporting corporations as well as small and medium businesses.

Chambers said $1.11 billion will go to Irish Water capital projects around the country to build connections for new housing and deal with urban wastewater systems.

To accelerate the supply of new homes, $1.38 billion will go to the Land Development Agency. That will bring the agency’s total funding to deliver thousands of new homes to $6.91 billion.

Chambers said $829.56 million will be put into upgrading the electric grid.

“Providing a secure, sustainable source of energy, will encourage further industrial investment, facilitate the progression of the digital economy, enable decarbonization and enhance our competitiveness,” Chambers’ statement said.

He said the guiding principle for using the Apple tax money “must be to benefit all citizens by supporting our future economic development.”

On Tuesday the Irish finance ministry said this year’s tax revenue would be $116.91 billion.

The decision form the European Union’s highest court came in September, ruling that Apple must pay Ireland over $14 billion in back taxes.

The eight-year old tax case was over whether Irish tax breaks to Apple violated EU laws on state aid. The court decided Ireland’s aid to Apple was unlawful, so Ireland was compelled to collect the back taxes.