The stocks of tech giants and start-ups alike are taking a beating. Some hire freezes will affect Ireland, but the type of multinationals operating here are least exposed to the crunch – for now.
Having presided over the expansion of the tax authority's workforce for Brexit and the launch of unprecedented pandemic support schemes, Revenue boss Niall Cody is staying on for another three years to see through a generational corporation tax reform.
Arderin Distillery made thousands of litres of hand sanitiser for hospitals during the pandemic. Now, the Revenue says it could owe alcohol tax on the ethanol used in the product.
When the Irish treasury subsidiary of an overseas manufacturing group gained €200 million thanks to a loan waiver, the company declared this as non-taxable income. This led to a major test case.
For the past decade, the Revenue Commissioners have pursued the Co Kerry horseracing organisation for corporation tax, arguing that betting and other ancillary activities were not sport. The case has now made its way through the High Court.
The Currency first revealed how the US semiconductor multinational had squeezed through the gap left between the ban on the double Irish and single malt structures. Now we have the full picture of how it works – and how efficiently.
EU ministers have again failed to agree on how to implement the global OECD deal on multinational taxation. The whole project could still be derailed, or at least delayed – and some corporations continue to jump into the gap in the meantime.
To the relief of thousands of counsellors, psychotherapists and chiropractors, the authorities have said Vat need not be charged on their fees. However a practitioner of Chinese medicine and acupuncturist was not so lucky.
The Exchequer collected a record amount of corporation tax last year. The US software giant was the largest contributor (that we know of), according to new analysis of 13 related companies incorporated and domiciled by the group in Ireland.
As The Currency revealed that several multinationals continue to use the double Irish tax structure via Malta, domestic retailers EuroGiant and Anthony Nicholas demonstrated that success is achievable without such tactics – they just focused on strengthening their balance sheet.
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