US-headquartered, Chinese-owned Riot Games is hiring to beef up its third global tax team in Dublin, where intellectual property has turned its office into a billion-euro business.
Italy has been leading the charge to force the platform to collect tax at source on hosts’ income. Airbnb’s Dublin office is paying up.
The social media giant re-invested half of the profits distributed by its Dublin advertising business last year. Ireland itself is the main destination of this splurge on cloud infrastructure.
According to Revenue, persons in control of Phoenix-type businesses may take steps to conceal these criteria. Now the tax authority claims that this is the case in relation to a Wexford logistics business.
Using a green Bermuda corporate structure, the US group’s lucrative EMC cloud division is continuing to shift $8.6 billion and counting in profits from sales booked in Cork to the zero-tax Caribbean jurisdiction.
Budget Day was initially disappointing, with red tape keeping tax measures intended to support start-ups accessible only to large corporations. But amendments to the Finance Bill show the mood music is changing.
The short term woes of pharma companies mask a sector that is performing well, and performing well for Ireland.
The advocate general’s opinion shows that the EU court will either conclude that Ireland never did anything wrong in the old double Irish days, or vindicate its shift towards the even more lucrative green jersey scheme.
Is the corporation tax surge over? The short answer is no. What is over is the era of ever-expanding tax takes. We are dependent on a small number of firms doing very well. Their granular success is ours: When they have a down quarter, so do we.
Why is the energy drinks global giant expanding its Co Kildare factory at a time of high inflation and rising corporation tax rates? The answer lies in the fine print governing tax deductibles.
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