Stories
Twitter is the latest multinational to reveal a multi-billion intellectual property onshoring in Ireland, suppressing its tax liability here in the process. The company and its rival Facebook are also bracing for the first significant data protection fines under GDPR.
When Twitter filed accounts in Ireland last year, it was pondering what to do with billion-dollar intellectual property (IP) assets sloshing around its zombie double Irish tax holding structure between Ireland and the Cayman Islands. “At 27 June 2019, the company is exploring the possibility of acquiring certain IP rights to develop, promote, expand and maintain a real-time information service for users and advertisers worldwide, excluding the Americas,” Twitter International Company, the social media firm’s Dublin-based subsidiary, reported at the time. This exploration did not last long. On June 28, 2019, the Irish company acquired the IP rights to develop…
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