A recent EU court ruling requiring Apple to pay Ireland 13 billion euros ($14.4 billion) in back taxes provides an opportunity for the government to tackle urgent needs in infrastructure, housing, and capital projects, Prime Minister Simon Harris said on Thursday.
Ireland, along with Apple, had contested the European Union’s back-tax demand since 2016 in an effort to maintain its appeal as a hub for U.S. multinationals in Europe. However, it has since accepted that the money, which has grown to 13.8 billion euros in an escrow account, could now be put to use.
Government ministers have pledged to determine in the coming weeks how to allocate the funds—roughly half of Ireland’s annual corporate tax revenue. Harris’s comments suggested the money would likely not just be placed into a new sovereign wealth fund.
“This money can’t be used for everyday expenses because it’s a one-time payment, but there are options and opportunities for us to consider… ways to address some of the critical challenges we face in infrastructure, capital projects, and housing,” Harris told the national broadcaster RTE.
“I’ve been saying this throughout the summer, even before the Apple decision—when it comes to housing, water, and energy, we have real constraints in this country, and we need to invest,” he added.