Full coverage: Multinationals

Cabot Financial Ireland and its Dublin subsidiaries have grown their assets and revenue from non-performing loans acquired from Portugal to Poland – as well as the taxable Irish profit arising from this business.

Instead of playing along the rules agreed by 137 countries to raise corporation tax to a global minimum, Democratic Senators have selected the bits that favour narrow American interests – and put international co-operation at risk.

For years, the Irish-headquartered medical supplier Covidien outsourced core functions to the US without paying Vat on transactions including preparations for its acquisition by Medtronic. The company’s successful tax appeal is now going down the legal route.

With over 200 staff, the Co Cork pharmaceutical factory was among those sold off by Pfizer in 2020 to combine with Mylan and form Viatris. New information is available on its first year of trading within the new group.

Years of restructuring at the cybersecurity multinational NortonLifeLock have left it with just two subsidiaries in north Dublin: one booking sales around the world, and one managing the group’s cash and intercompany debt. Meanwhile, Google reports exponential growth in card payments processed in Ireland.

Last year’s global tax deal now comes with draft “Pillar one” provisions detailing how much taxable profit will be re-allocated to market countries, and where from. This is what it means for multinationals operating here.

Central Bank economists are the latest to add their voice to the clamour alerting over the concentration of the tax take among a small number of multinational corporate taxpayers. What is the real danger?

Through a series of mergers and demergers in the last decade, a global pharmaceutical manufacturer became Irish. To defend itself against a Vat claim, it had to reveal the details of the scheme.

Exchequer returns showed swings of hundreds of millions of euros between 2020 and 2021 following a dispute on emergency stamp duty rules. The exact details of the settlement reached between AbbVie and the tax authority, however, remain secret.

In compliance with the 2020 deadline to end the double Irish scheme, the social media giant’s Dublin office placed its Cayman-resident companies in liquidation. They have now disappeared – except one.