11–20 of 436 posts
All of that will go back to Ireland's national debt repayments under EU rules from what I understand, which includes large repayments due to the EU for the recent loans provided to Ireland for propping up banks, so really EU is collecting this money by proxy of Ireland. Interesting play.
Debt, not depth ;)
$14.5bn to be recovered.
Good. Read how Tim Cook publicly considers Nobel economist Joeseph Stiglitz as a one who do not know what he (Stiglitz) is talking about. Eye opening. Excerpts from: http://www.washingtonpost.com/sf/business/wp/2016/08/13/2016... Q: What do you say in response to Nobel economist Joseph Stiglitz’s comments on Bloomberg [television], where he called Apple’s profit reporting in Ireland a “fraud”? Tim Cooks answer: I did…
If people want companies to pay certain taxes, they should vote for politicians that pass laws that require companies to pay those taxes..
In any case, we should be taxing land value. That's harder to avoid: you can't hide land.
$14.5bn to be recovered.
1. Negotiate special tax privileges for a company
2. Have them set up shop in your country
3. Allow them to pay little tax for several years
4. Have federal authority sue saying that the deal in #1 is illegal
5. Collect back taxes based on normal tax rate and not the special deal in #1
All of that will go back to Ireland's national debt repayments under EU rules from what I understand, which includes large repayments due to the EU for the recent loans provided to Ireland for propping up banks, so really EU is collecting this money by proxy of Ireland. Interesting play.
And here the press release from the European Commission http://europa.eu/rapid/press-release_IP-16-2923_en.htm
Jeez, an effective tax rate on profits in Ireland of 0.005% is pretty inexcusable.
(There's lots of stuff that's not taxed. Eg not a lot of people complain about not taxing capital gains of home owner/occupiers.)
Can someone clarify where this money will eventually end up (assuming it's paid)? The article says that it will be paid back to Ireland, yet it looks like Ireland was somewhat complicit in allowing this fraud to continue for so long? ' Is this just how it works, money goes to Ireland, and then recovered by Europe?
That said, I think Ireland owes the ECB money too, so they'll probably use that money to repay their debt?
EDIT: Corrected EU->ECB as pointed out below.
I don't think this was planned but it could become a great bait and switch scam for countries. 1. Negotiate special tax privileges for a company 2. Have them set up shop in your country 3. Allow them to pay little tax for several years 4. Have federal authority sue saying that the deal in #1 is illegal 5. Collect back taxes based on normal tax rate and not the special deal in #1
I don't think this was planned but it could become a great bait and switch scam for countries. 1. Negotiate special tax privileges for a company 2. Have them set up shop in your country 3. Allow them to pay little tax for several years 4. Have federal authority sue saying that the deal in #1 is illegal 5. Collect back taxes based on normal tax rate and not the special deal in #1