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Although never officially confirmed, it appears increasingly likely that when Noonan changed Irish tax law to make it impossible to register a non-tax resident company here, Apple change the registration of its HQ from non-resident to Irish resident thereby increasing Irish GDP by nearly 20% in one fell swoop in 2015 and incurring a 12.5% corporate tax charge on previously untaxed profits.  Irish corporate tax receipts increased by over €2 Billion last year and the revenue commissioners seem to think this increase is not a once off.  The Commission claim therefore refers to historic profits only and could be paid off by Apple on a once off basis without much of a blip in its cash pile and market valuation.

The question then arises as to why the Government is so keen to appeal the ruling as it does not impact on future corporate taxation, and hence on future FDI decisions by global corporates. Could it be that the Government is merely going through the motions of showing sympathy and support for the FDI sector and that it will shortly be persuaded, reluctantly of course, to accept the money?

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Aug 31st, 2016 at 03:20:57 PM EST
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