Exchequer returns showed swings of hundreds of millions of euros between 2020 and 2021 following a dispute on emergency stamp duty rules. The exact details of the settlement reached between AbbVie and the tax authority, however, remain secret.
In compliance with the 2020 deadline to end the double Irish scheme, the social media giant’s Dublin office placed its Cayman-resident companies in liquidation. They have now disappeared – except one.
Described by Revenue as a “blatant misuse or abuse” of the tax code, a leveraged bond scheme gave rise to an inflated CGT loss of €34.6m for a husband and wife. But just how did it work? And why is the Revenue struggling to stop it?
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.
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