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Full coverage: Multinationals

Apple tax case: it’s all about IP, and Ireland’s €13bn is just the tip of the iceberg

The 2016 state aid decision and yesterday’s court judgment quashing it book-end four years that have seen hundreds of billions worth of intellectual property routed to Ireland. The case has influenced where multinationals locate the source of profits, and this influence is set to continue.

Thomas Hubert
16th Jul, 2020 - 15 min read

EU court quashes €13bn Apple decision against Ireland – and leaves the door wide open to an appeal

Judges in Luxembourg have found that the European Commission failed to prove Irish tax deals with Apple were illegal. The main reason? Investigators didn’t go far enough in their probing of the Revenue’s “incomplete and occasionally inconsistent” rulings.

Thomas Hubert
15th Jul, 2020 - 2 min read

The chairman: Revenue boss Niall Cody on multinationals, tax probes and Covid-19

Since the crisis began, the Revenue Commissioners have halted audit work, allowed firms to warehouse debt and rolled out the state’s wage subsidy scheme. In an exclusive interview, its chairman Niall Cody talks about Covid-19, multinational tax structures and the Revenue’s battle against tax avoidance.

Ian Kehoe
3rd Jul, 2020 - 23 min read

A corporate Cadence: How moving billions’ worth of IP to Ireland doubled a Silicon Valley firm’s annual profit

An Irish subsidiary of professional software multinational Cadence recently disclosed new balance sheet data in routine filings associated with a merger. They showed its assets had just jumped by $4.7 billion.

Thomas Hubert
1st Jul, 2020 - 5 min read

Another one bites the dust: Symantec in $8.3bn double Irish liquidation

The US-based cybersecurity multinational recently renamed NortonLifeLock is winding up a multi-billion dollar Irish-registered subsidiary. None of its 500-plus Irish jobs are at risk, but the paper move illustrates the staggering sums routed through shifting tax structures.

Thomas Hubert
25th Jun, 2020 - 3 min read

Cerberus uncovered: How the hound of hell uses Dutch co-ops to guard Irish profits against tax

To understand how vulture fund Cerberus manages billions of euros’ worth of Irish assets, you must look to Baarn, a small town 45 minutes away from Amsterdam. From there, you will see just how the fund is managing to flatline its tax bill, a two-month investigation by The Currency can reveal.

Thomas Hubert
18th Jun, 2020 - 8 min read

Microchip’s Maltese millions, its intellectual property moves and billion-dollar Irish subsidiary

One of the world’s leading manufacturers of electronic components has just invested another $1.5 billion in its Irish subsidiary and reported tax benefits dwarfing its actual profits for the second straight year. Could the two be related?

Thomas Hubert
8th Jun, 2020 - 5 min read

Amazon’s Irish empire: You may not be able to shop on Amazon in Ireland, but it sold €2.5bn of data storage from here last year

Unlike other tech multinationals, the US online retail and cloud computing behemoth has not chosen Ireland as its European corporate beachhead. Yet the group has quietly been ramping up a multi-billion data centre presence around Dublin, and is now moving into the renewable energy market.

Thomas Hubert
4th Jun, 2020 - 5 min read

As fear grips the world economy, an Irish-based e-learning titan is engaging with lenders and backers over a restructuring plan

Based in the Dublin suburb of Clonskeagh, Skillsoft emerged from Irish tech pioneer SmartForce. The company is now weighing up several restructuring options across Ireland, the UK and the US.

Ian Kehoe
24th Apr, 2020 - 3 min read

Thomas Hubert: Making sense of multinationals’ billions

While exploring the tech industry for the Mapping Multinationals series, Thomas Hubert had to adjust from the real world to understand the sheer volume of financial flows he was looking at. His reporting highlights the need for increased corporate transparency requirements.

Thomas Hubert
14th Apr, 2020 - 6 min read
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