Tuesday October 14, 2014

Ireland to Phase Out Tax Break Used by Technology Firms

Now that Ireland has decided to close the "Double Irish" tax loop hole, we can no doubt expect the majority of US tech companies to flee the country before the deadline hits.

Aggressive tax planning by the multinational companies has been criticized by governments across the globe and has damaged the reputation of many countries," Michael Noonan, Ireland’s finance minister, told the Irish Parliament on Tuesday. "I am abolishing the ability of companies to use the ‘double Irish’ by changing our residency rules to require all companies registered in Ireland to also be tax resident," he added in a budget speech.