Ireland Wants to Close Super-Corporation Tax Loophole, as Exploited by Apple

By Gary Cutlack on at

Apple's tax affairs might be about to get a little more complicated, thanks to the Irish government attempting to shut one of the more common tax avoidance schemes used by wealthy companies.

Ireland wants to make it illegal for companies with no official residency status to shuffle money through the country to their offshore tax havens, closing one of the popular tax-saving avenues used by the Irish subsidiaries of several tech giants to get cash away from UK inspectors via a "complex web of offshore entities."

It won't make it impossible for the likes of Apple to shuffle their UK revenues off to other countries to enjoy lower corporation tax rates, but it will tighten the rules slightly. Businesses will need to have one official residency for tax purposes, even if that means sending a few people out to man a desk and answer a phone in Bermuda. [BBC]

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