Ireland’s SWF Takes Shape
Posted on 10/10/2023
Finance Minister Michael McGrath’s plans for an Irish SWF are taking shape. It will be a €100 billion fund made up of money from big tech and pharma companies that have settled in the country, due to lower corporate taxes. In fact, Apple may be facing European authorities in court over a dispute regarding taxes that may have been too low. Apple could be responsible for up to €13 billion if found to have underpaid. The New York Times broke the story of Apple’s tax strategy in the landmark article, “Double Irish With a Dutch Sandwich” in 2012.
Ireland currently has a SWF. Ireland Strategic Investment Fund (ISIF) is a sovereign wealth fund located in Dublin Ireland, and was founded in 2014. Current assets for ISIF are €14.5 billion.
