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Full coverage: Multinationals

The green jersey – Part 1: How a “gigantic” share of US profits came to be taxed in Ireland

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.

Thomas Hubert
12th Sep, 2023 - 18 min read

The Beckett Building is owned by a South Korean investor and leased to Meta. It has now gone into receivership

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.

Ian Kehoe
11th Sep, 2023 - 2 min read

“Material impairment”: The Irish company document admitting Musk overpaid for Twitter

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.

Thomas Hubert
29th Aug, 2023 - 4 min read

Covidien 4 – Revenue 3: Pharma mega-mergers trigger €187m tax rematch with Medtronic unit

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.

Thomas Hubert
4th Jul, 2023 - 8 min read

Meta agrees $500m income increase with US tax authority in row over double Irish past

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.

Thomas Hubert
30th Jun, 2023 - 3 min read

Devalued bonds and impaired Russian loans: Ukraine war’s billion-euro impact on Ikea’s Irish finance centre

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.

Thomas Hubert
2nd Jun, 2023 - 3 min read

Who are the three multinationals paying one third of Ireland’s corporation tax?

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.

Thomas Hubert
1st Jun, 2023 - 3 min read

Ireland’s gift to Salesforce: a $1.2bn taxable loss

We can now see the full-year effect of the software multinational’s green jersey structure. Multi-billlion-dollar intellectual property located in Dublin has erased its corporation tax bills for years to come.

Thomas Hubert
29th May, 2023 - 2 min read

Apple says it is paying €20bn in US tax on its disputed past Irish profits. What does this mean for the EU’s state aid case?

The appeal in the state aid case over Ireland’s past treatment of Apple’s profits hinges on what share of profits should be taxed here or in the US.

Thomas Hubert
23rd May, 2023 - 3 min read

Multinationals under watch: How Revenue collects hundreds of millions of euro in transfer pricing enforcement

Ireland is home to a large slice of profits posted by international firms in search of favourable tax terms. But what happens when countries disagree on the allocation of taxable income across borders?

Thomas Hubert
18th May, 2023 - 4 min read
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