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David McWilliams: EU is a thing of the past - our future is with an Atlantic Ireland - Independent.ie

By taking shares in multinationals, Ireland could create a sovereign wealth fund linked to the performance of the best-governed companies in the world, which would provide for future generations. In 2012, US multinationals made $100bn profit in Ireland, on which they are supposed to pay 12.5pc tax, or $12.5bn. In fact, they paid $4bn.

Why not encourage multinationals to pay the difference between what they pay and what they ought to pay in shares? Shares are permanent wealth, whereas taxes are transitory income. This is also attractive because shares or share options are cheaper for the company than giving cash. They already give their employees share options, so why not their host country?

So why not say to Apple and other multinationals, if the EU is going to be vindictive and retrospective, why not pay Ireland the difference between what you have paid us in tax and what you ought to have paid us, in shares?

Not sure either global corporates or the Commission would buy that, but it's a good populist head-line grabber.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Aug 31st, 2016 at 08:45:10 AM EST

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