liberalsarecool:“A tax maneuver known as the Double Irish has allowed major U.S. technology co
liberalsarecool:“A tax maneuver known as the Double Irish has allowed major U.S. technology companies such as Google Inc. to funnel income through subsidiaries in Ireland to slash their tax bills at home.The decision to close that loophole won’t affect Ireland’s low corporate tax rate or other special tax breaks that have lured the likes of tech giants Apple, Facebook, Microsoft and Oracle, all of which have set up Irish subsidiaries to help them shelter foreign profits from U.S. taxes.The elimination of the Double Irish, though, marks a concession to the U.S. and European nations that have been trying to crack down on corporate efforts to move profits and even their headquarters to countries with low tax rates or special tax breaks”Starts in 2020. -- source link