The EU’s plan for the Common Consolidated Corporate Tax Base (CCCTB) should be suspended until a country-by-country analysis of its likely impact is undertaken by the European Commission – according to Fine Gael MEP Brian Hayes. Mr Hayes said he has written to the EU commissioner for economic and financial… – Continue reading
Irish Finance Minister Michael Noonan has said that despite a dip in tax revenues for the first quarter of 2017, “it remains too early to discern any firm trends.” Noonan made the comment during an appearance before parliament’s Budget Oversight Committee. He said that his Department has increased its GDP… – Continue reading
Taxpayers with offshore assets urged to get affairs in order before May clampdown Taxpayers with offshore assets ranging from foreign properties to deposit accounts or structured investments are being urged to get their affairs in order ahead of a May clampdown by the Revenue Commissioners – even if they believe… – Continue reading
Multinational companies will still be able to use the controversial “double Irish” tax arrangement after the final end date of 2020, Sinn Féin MEP Matt Carthy has said. A number of tax experts have confirmed this is the case, though they have disputed whether the terms of which they will… – Continue reading
Department of Finance receives ‘unprecedented’ lobbying from property funds Overseas investors in Irish property may have to wait for a further two months for clarity on how the Government plans to tax structures they have used to snap up billions of euro of real estate after the financial crisis. The… – Continue reading
Sinn Fein’s Matt Carthy has launched a stinging attack on Ireland’s corporate tax regime, arguing that Ireland’s reputation as an “enabler of massive tax avoidance for large corporations” is justified. Addressing the European Parliament in Strasbourg on Tuesday, the Midlands-North West MEP criticised the last government’s move to abolish the… – Continue reading
Ireland has helped delay an EU deal on corporate tax-dodging over fears it could harm the economy. Finance Minister Michael Noonan told his EU counterparts in Brussels he would not sign up to the deal because it affects Ireland’s sovereign right to set tax rates. “We want to make sure… – Continue reading
A quiet revolution is taking place across Europe. It isn’t playing out on the streets of capital cities or in the debating chambers of national parliaments. It has been slowly happening with every newspaper headline about how little corporation tax some companies pay relative to their size. It is also… – Continue reading
When Tim Cook and his two senior Apple colleagues were questioned by a US Senate sub-committee back in May 2013, the headlines generated in the world’s business press were unsettling. Some lawmakers repeatedly characterised Ireland as a tax haven, saying behemoth Apple channelled billions of dollars of global revenues generated… – Continue reading
Ireland’s insistence that it is not a tax haven and that in fact other EU countries have tax regimes that facilitate tax dodging by multinationals will be borne out by a study to be released next week. But while this will be good news to Finance Minister Michael Noonan a… – Continue reading
‘We’re not a tax haven, we have never been involved in any kind of tax malpractice’ – Michael Noonan, Irish Minister for Finance 5th October 2015 ‘Nobody is using Ireland as a tax haven’ – Minister for Agriculture, Simon Conveney, The UN’s Philip Aston says, ‘When lists of tax havens… – Continue reading
Ireland collected EUR3.3bn (USD3.6bn) more in tax revenue in 2015 than forecast, helping to reduce the fiscal deficit by EUR5.2bn, the latest Exchequer Returns show. EUR45.6bn in tax revenue was collected in 2015, up 10.5 percent on 2014. Revenue collections were 7.8 percent ahead of target, and corporation tax accounted… – Continue reading
The European Commission has extended its investigation into a tax ruling provided by the Irish Government to Apple. The Commission has asked the Irish authorities for additional information on the case. Irish media reports that the Government does not anticipate a decision until 2016. In late November, Finance Minister Michael… – Continue reading
Something unusual is happening with the Irish corporation tax in 2015 — so unusual that Ireland’s top tax man felt obliged to write to the parliament to explain what is going on. But the explanation left a lot to be desired. According to government data, Ireland received 57.7 percent more… – Continue reading
Ministers due to adopt conclusions on future of EU’s code of conduct on business taxation Corporate tax will top today’s meeting of EU finance ministers in Brussels, as ministers discuss the latest state of play regarding the common consolidated corporate tax base (CCCTB) and cross-border tax rulings. In particular, finance… – Continue reading
Michael Noonan, Ireland’s Finance Minister, underlined Ireland’s position on key international tax issues that were scheduled for discussion at a meeting of the EU’s Economic and Financial Affairs Council (ECOFIN), reports Tax News. Noonan was addressing the Joint Committee on Finance, Public Expenditure, and Reform on December 1, 2015, in… – Continue reading
DUBLIN (Alliance News) – After the European Commission ruling that multinationals received unfair tax benefits in the Netherlands and Luxembourg, Ireland is braced for an EC ruling on whether its taxation treatment of technology company Apple constituted state aid. “I don’t know what the outcome will be, but this is… – Continue reading
Irish corporation tax returns are behaving oddly: the Department of Finance estimates that they are running €2 billion (74 percent) ahead of forecast for the year. Economist Seamus Coffey has described these figures as “very strange”. Coincidentally (or perhaps not) the global accounts of the Apple corporation revealed an increase… – Continue reading
Ireland is expecting European Union regulators to issue a decision on the country’s tax deal with Apple before the end of the year. The Irish finance minister said the move could force the iPhone maker to pay substantial back taxes. The European Commission has already ordered Dutch authorities to recover… – Continue reading
Small and medium-sized businesses that don’t have the resources to patent intellectual property may still be able to benefit from the Knowledge Development Box (KDP) under plans being considered by the Government. The Department of Finance is looking at allowing SMEs with patentable assets, but without the resources to get… – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
The key corporate tax measures in the Finance Bill show clear signs of the international scrutiny now surrounding multinational tax. The main new measure, the knowledge development box offering a lower tax rate on profits earned as a result of research and development, has been strictly drawn up to comply… – Continue reading
The Irish Government has published an update on its International Tax Strategy, in which Finance Minister Michael Noonan stresses that the country is “well positioned for the post-base erosion and profit shifting (BEPS) world.” According to Noonan, “This is not something that has happened by accident. Difficult but necessary changes… – Continue reading
JAKARTA, Oct 19: As ‘tax-havens’ are now routing some 60 per cent of international trade, multinational corporations (MNCs) have become more aggressive in evading taxes. As the volume of global trade was estimated at $23.5 trillion in 2013, of which $18.5 trillion was trade in goods and the rest was… – Continue reading
Starbucks Corp. and a Fiat Chrysler Automobiles NV unit are set to be first in the firing line as European Union regulators issue a series of rulings over tax breaks for global companies, including Apple Inc. The EU may issue decisions against Starbucks and Fiat as soon as next week… – Continue reading
As Noonan moves to stimulate domestic growth we need to think about the global debate The Irish economy is now in better shape than at any time since the beginning of the financial crisis. After many years of tough austerity measures, last year’s budget marked a turning point where Minister… – Continue reading
