A promised measure to exempt foreign dividends from corporation tax will make no financial difference but was a key simplification demand of FDI investors.
No one really thinks that Ireland’s €250 billion domestic economy is generating €200 billion in profits for American multinational firms. To recover its tax base, the US should reform its own rules.
After Budget 2024, multinationals will no longer have access to a 12.5% rate in Ireland. There is still a lot more they can do to locate profits here at a tax advantage, however, and the unofficial expectation for the Exchequer is: more money.
For years, the double Irish scheme siphoned multinationals’ profits to offshore islands. Now their intellectual property makes half of all corporate profits in Ireland tax-deductible. Ahead of the budget, new data and analysis reveal what drives the corporation tax bonanza.
German lender Landesbank Hessen-Thüringen Girozentrale has installed Grant Thornton as receiver over the prime site in Dublin. It marks the first major commercial property receivership since the slowdown in the sector.
X’s Dublin-based international office has reported multi-million-euro redundancy and lease exit costs while disclosing impairments in the value of the social network in the months following its takeover by Elon Musk.
Through a HQ inversion, the US-listed medical manufacturer Covidien was liable to pay tax in Ireland but Revenue rejected hundreds of millions of dollars’ worth of expenses it had claimed as deductible.
When Facebook bought Instagram in 2012, it routed profits through an Irish company tax-resident in the Cayman Islands. It has settled part of the resulting dispute before the US Tax Court.
Tit-for-tat economic sanctions and rising interest rates have taken their toll on the Dublin office managing the liquidity generated by Ikea retail stores around the world.
Today’s study by the Irish Fiscal Advisory Council warns of public finances’ reliance on a handful of large corporate taxpayers, especially the top three. The report doesn’t name them, but The Currency can.
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