Alphabet group companies in Dublin have paid nearly €10bn in dividends to their US parents in the past two years. Much like the hiring spree that preceded them, they were part of “a different economic reality”.
Ireland’s largest nursing homes group suffered from the scandal that nearly broke its French multinational parent last year, but a bail-out agreed in Paris is beginning to trickle down into this country.
The short term woes of pharma companies mask a sector that is performing well, and performing well for Ireland.
The advocate general’s opinion shows that the EU court will either conclude that Ireland never did anything wrong in the old double Irish days, or vindicate its shift towards the even more lucrative green jersey scheme.
Is the corporation tax surge over? The short answer is no. What is over is the era of ever-expanding tax takes. We are dependent on a small number of firms doing very well. Their granular success is ours: When they have a down quarter, so do we.
Why is the energy drinks global giant expanding its Co Kildare factory at a time of high inflation and rising corporation tax rates? The answer lies in the fine print governing tax deductibles.
The Department of Finance’s reference to weak pharmaceutical exports identifies the US pharma multinational as the latest contributor to the fall in corporation tax receipts below last year’s level for the first 10 months of 2023.
Two years ago, the popular homeware and gifts marketplace branched into fashion with a $1.6bn UK acquisition. The Dublin holding company conducting the deal has now wiped 90% off its value.
The EU Tax Observatory names Ireland as the joint top destination for multinationals to shift profits and cut corporation tax. Economist Gabriel Zucman says new global rules will benefit Ireland in the short term but believes the tax-competitive model is doomed.
From dairy exports-driven agriculture to the reliance on corporation tax paid by multinationals, the wind-down of the Askeaton infant formula plant exposes multiple risks for Ireland on a single site.
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