The Department of Finance described much of the latest bumper corporation tax revenue as a once-off windfall. Yet every indication is that aggressive tax planning through Ireland is set to continue.
When demand for rapid medical tests exploded during the pandemic, the US pharma giant routed this business through Ireland and Malta to achieve a four per cent tax rate. This expanded into a multi-billion-euro business last year.
New information from multiple subsidiaries of the two digital advertising giants in Ireland reveal how they operate in the post-double Irish world and how ready they are to take on the industry slump.
The global pharma company targeting rare diseases was acquired for $39 billion by AstraZeneca last year. Half of this value consisted in intellectual property located in Dublin, new documents show.
The US-headquartered software multinational was among the latest to move multi-billion-dollar intellectual property to Ireland two years ago. It was worth the wait.
Having delivered Budget 2023, Minister for Finance Paschal Donohoe speaks candidly about his time in office – from achievements to regrets. He also talks about the specifics of the budget, the future of taxation, and governing in a time of crises.
Intense discussions are continuing to decide how international principles agreed at OECD-sponsored tax negotiations will be implemented, and the devil is in the detail.
By tinkering with corporation tax, Minister for Finance Paschal Donohoe is giving assurances that Ireland is ready for the 15 per cent minimum rate. There may be deeper reforms on the table, but they will be for his successor to lead to fruition.
The response to the Commission on Taxation highlights yet again that this government, like the one before it, is not that interested in the sometimes difficult opinions of experts. This is a pity.
The European Parliament’s tax group is visiting Ireland to tackle the use of this country as a base to locate profits “at the expense of taxpayers in Europe,” according to its chair. Sinn Féin’s position in support of current tax policy is part of the equation.
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