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So the Irish offshore Tax Haven setup is finally coming to an end within 4 years

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  3. So the Irish offshore Tax Haven setup is finally coming to an end within 4 years
Barenziah Boy Toy 3 years ago#1
http://www.dailydot.com/technology/ireland-tax-loophole-closing

Excerpt:
The double Irish setup helps corporations move taxable revenues from operating firms in Ireland to an Irish firm in an offshore tax haven, saving companies billions in the process. The European Commission has been investigating Ireland and Apple for this practice. Ireland says the system will come to an end within four years.

The standard corporate tax rate in Ireland is 12.5 percent, but many companies currently pay much less than that, with Apple's effective rate coming in as low as 2 percent in some years, according to CNBC.

Thanks to its generous tax rate, Ireland is also the home to the European wings of Facebook, and Google. While noting that the old deals that were struck with Apple would be null and void in a few years, Irish finance minister Michael Noonan explicitly stated that the 12.5 percent tax rate—the lowest in Europe, and much lower than the 35 percent tax rate in the U.S.—would stick around.

About damn time
...
You don't need a treaty to have free trade. M Rothbard
{Self-Hating Token Asian of the Ivory Tower's Zionist Elite}

User Info: LuigisBro

LuigisBro
3 years ago#2
^ 4 years is still too damn long, they should just ignore Ireland's setup and start taxing corporations based on the revenue they get within a country
2015 megatons - Nintendo goes 3rd party, Nintendo Paywall, real Pokemon game for iOS, Nintendo tablet

User Info: willythemailboy

willythemailboy
3 years ago#3
What I'm getting from this is that Ireland will get more tax revenue, but still be low enough to be an offshoring destination. It will only affect US tax revenues negatively; more likely it won't affect them at all.
He who laughs last, thinks fastest.
Barenziah Boy Toy 3 years ago#4
What I'm getting from this is that Ireland will get more tax revenue, but still be low enough to be an offshoring destination.
Pretty sure there will be other countries that will try to undercut right below Ireland's rate
.
You don't need a treaty to have free trade. M Rothbard
{Self-Hating Token Asian of the Ivory Tower's Zionist Elite}

User Info: Bond_543

Bond_543
3 years ago#5
thats great once politicians and bureaucrats get their hands on this we can finally end poverty once and for all. its that offshore money that was holding us back for these decades no doubt.
"Being liberal today doesn't pertain to freedom.They have misappropriated the term. It means being liberal with someone elses money." -Milton Friedman
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