Changes in tax law on both sides of the Atlantic have seen the Irish subsidiaries of multinationals pay more to access American intellectual property. But from the US side, a lot of this revenue is unaccounted for.
IDA chief executive Michael Lohan is tasked with growing foreign direct investment in Ireland at a time when more protectionist rhetoric is rearing its head on both sides of the Atlantic.
Egis makes over €100 million of its €2.3 billion revenue in Ireland. The French engineering group’s CEO Laurent Germain wants to double this and is on the hunt for more Irish acquisitions.
Dublin has long been top of the pack as a location for data centres. Now energy and infrastructure concerns in the race to net-zero emissions are leading operators to countries like Finland and Sweden instead.
Restructuring saw AWS’s Irish unit change hands within the Amazon group at the end of last year. The price paid was a fair reflection of the bricks, mortar and servers on its books but did not reflect its runaway growth.
As it exited Russia, Ingka Group was set to lose multi-hundred-million-euro assets in the form of intercompany loans advanced out of Dublin. Then it cut a deal, only to find itself before a Moscow court.
In a month when only two multinationals pay significant tax bills, the surge in their contributions accounted for the entire Exchequer surplus recorded so far this year. The budget is only around the corner.
There were the billions of euros in corporation tax and the thousands of jobs. Now the US multinational is reporting hundreds of millions of euros’ worth of renewable energy contracts.
Deals announced by Winthrop and Strong Roots on Thursday built a bridge between indigenous businesses struggling in the face of rising costs and the world of high-flying multinationals.
The medical products multinational Covidien used to be headquartered in Ireland but rented key corporate services from a US subsidiary before selling itself to Medtronic. The High Court has just decided the Vat implications of those transactions.
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