The cloud technology firm, now part of the Broadcom group, has moved intellectual property rights – and taxable income – from Ireland to the US.
Using a green Bermuda corporate structure, the US group’s lucrative EMC cloud division is continuing to shift $8.6 billion and counting in profits from sales booked in Cork to the zero-tax Caribbean jurisdiction.
Shortly before the end of its financial year in January, the Dell group severed its cloud software arm VMware. Both businesses continued to maximise the green jersey scheme in Ireland to shield their growing European business from corporation tax.
By deploying the green jersey tax structure at its EMC and VMware divisions while growing the sales of Dell Products during the pandemic, the US technology multinational has reaped the maximum benefits from its Irish presence.
From chips to servers, hundreds of billions' worth of technology hardware is sold through Ireland each year, often without ever reaching its shores. In the latest instalment of the Mapping multinationals series, we explore how.
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