Irish budget: Michael Noonan is to abolish 'Double Irish' tax structure

[muriel_volestrangler]

Source: BBC

The Irish finance minister has said he is abolishing the controversial "Double Irish" tax structure.

It has allowed large multinational firms like Facebook to legally shift huge profits from Ireland to countries that are considered tax havens.

Michael Noonan told parliament the tax scheme will be closed to new entrants next year and phased out by 2020.
...
Mr Noonan said that, in future, all companies registered in Ireland must be tax resident in Ireland.

Read more: http://www.bbc.co.uk/news/world-europe-29613065

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So the existing multinationals still have a few years to make out like bandits.

[calimary]

1. GOOD. Close that damn door!

But why wait til 2020? MUST we allow one last orgy? Haven't they already gluttonized enough?

And we need to do that HERE, too. If they're HERE, they need to face their obligations HERE. Since corporations are "people", after all? I mean - would one of us more conventional "people" be allowed to do that year after year after year with impunity? Probably not!!!

[cstanleytech]

3. Agreed it just does not seem to make sense to wait until 2020. nt

[dorkzilla]

2. Oh goody, they'll have plenty of time to move to Poland...

Took advantage of the Celtic Tiger then abandoned ship like rats.

The multinationals will just keep moving from tax shelter to tax shelter.

[FLPanhandle]

4. Yet, Ireland is huge tax haven themselves especially for Pharma companies.

There is a reason so many Pharma companies are "headquartered" in Ireland.

They don't like it when other companies do to them what they do to others.

[closeupready]

5. Glad to hear this. K&R