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.
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.
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.
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?
The profits of multinationals have become the second-largest source of Exchequer funding and the latest Government forecast is that the weight of corporation tax will peak this year, but “windfall” receipts remain unpredictable.
The US President's warm visit to Ireland looked a lot like a pre-campaign launch. The Democrats want to make the tax paid by multinationals a voting issue in next year's US election, with huge potential consequences for Ireland's public finances.
The Biden administration’s budget reforms have so far circled around Ireland’s tax advantage without harming it. This wasn’t always the plan, so what will happen in the future?
The software multinational had more employees, booked more profit and paid more tax here last year than ever. The UK’s success in wresting over €800m worth of taxable profit out of Ireland barely made a difference.
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