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Full coverage: Multinationals

Does the global tech sell-off threaten Ireland’s 100,000 multinational IT jobs and corporation tax take?

The stocks of tech giants and start-ups alike are taking a beating. Some hire freezes will affect Ireland, but the type of multinationals operating here are least exposed to the crunch – for now.

Thomas Hubert
16th May, 2022 - 3 min read

A $37bn deposit account: The new role of Apple’s Irish cash machine

Growing worldwide profits are sitting in Apple’s subsidiary in Cork, including some frozen pending an appeal in its €13 billion dispute with the EU. The tech giant is leveraging the funds in a new way.

Thomas Hubert
10th May, 2022 - 3 min read

All multinationals in Ireland use intercompany debt – a €25m tax battle has just decided what happens when they unwind it

When the Irish treasury subsidiary of an overseas manufacturing group gained €200 million thanks to a loan waiver, the company declared this as non-taxable income. This led to a major test case.

Thomas Hubert
9th May, 2022 - 5 min read

Drugs, lawsuits and billions of dollars: Behind the scenes at Ireland’s largest ever insolvency

Mallinckrodt, a 155-year-old US pharmaceutical manufacturer, came to Ireland in 2013 to set up an intricate corporate and tax structure. After thousands of legal actions threatened to shut it down, its salvage deal has just cleared an Irish examinership.

Thomas Hubert
28th Apr, 2022 - 4 min read

From $3bn in profit to $3m in tax: Microchip’s double malt in action

The Currency first revealed how the US semiconductor multinational had squeezed through the gap left between the ban on the double Irish and single malt structures. Now we have the full picture of how it works – and how efficiently.

Thomas Hubert
26th Apr, 2022 - 5 min read

Amazon values new Dublin R&D centre at €600m

As it continues to grow its Irish data centre and e-commerce operations, the US multinational has revealed the potential it attaches to its fast-expanding “development centre”.

Thomas Hubert
15th Apr, 2022 - 2 min read

As Europe dithers on 15% corporation tax, Microchip continues to route billions through the double malt shelter

EU ministers have again failed to agree on how to implement the global OECD deal on multinational taxation. The whole project could still be derailed, or at least delayed – and some corporations continue to jump into the gap in the meantime.

Thomas Hubert
6th Apr, 2022 - 6 min read

Cloud-high: How Microsoft grew to pay one sixth of Ireland’s corporation tax

The Exchequer collected a record amount of corporation tax last year. The US software giant was the largest contributor (that we know of), according to new analysis of 13 related companies incorporated and domiciled by the group in Ireland. 

Thomas Hubert
5th Apr, 2022 - 4 min read

Ireland’s double malt tax challenge, Sonica’s comeback plan, and Irish retail: Rewinding the week that was

As The Currency revealed that several multinationals continue to use the double Irish tax structure via Malta, domestic retailers EuroGiant and Anthony Nicholas demonstrated that success is achievable without such tactics – they just focused on strengthening their balance sheet.

Ian Kehoe
3rd Apr, 2022 - 5 min read

The double malt – part five: Allowing aggressive tax planning makes sense for no one except multinationals

Over the past eight years, the US and Irish governments have tried and failed to close tax loopholes on three occasions. Why is this, and can the collective approach under the new OECD deal turn the tide?

Thomas Hubert
1st Apr, 2022 - 7 min read
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