In the period leading up to its carve-up a decade ago, the US-listed but Irish-headquartered manufacturer of drugs and medical devices Covidien PLC had $10 billion in annual revenue. Between 2012 and 2014, it reported around $2 billion in annual pre-tax profit and an average of just under $300 million in income tax charges worldwide. That was before Revenue disallowed seven categories of expenses Covidien’s Irish parent had claimed as tax-deductible, and hit the company with a €187.5 million corporation tax bill for those three years. The Tax Appeals Commission adjudicated Covidien’s appeal against the decision in March and its…

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