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Corporate Taxation in Ireland

by Frank Schnittger Thu Feb 10th, 2011 at 02:01:46 PM EST

One of the most controversial aspects of the Celtic tiger and subsequent implosion of the Irish economy has been the 12.5% rate of corporate profits tax applicable to most businesses in Ireland. Its detractors accuse Ireland of harmful tax competition which will lead to a race to the bottom in corporate taxation worldwide. President Sarkozy and Chancellor Merkel have all but made an increase in Irish corporate tax rates a precondition for any renegotiation of the ECB/IMF deal to deal with the banking (and now fiscal) crisis in Ireland.

Its supporters argue that Ireland's 12.5% headline rate is very close to the effective rate (average actual yield) of c. 8% and that many countries with much higher headline rates have so many exemptions and supports for businesses that their effective rates of tax are in fact much lower than their headline rates. For example, other small European states like Luxembourg and Switzerland have even lower effective corporate tax rates and one-quarter of the companies listed on the CAC 40 stock exchange index in Paris pay no corporation tax to the French state at all.

In this view lower taxes are the only way that smaller (and particularly more peripheral) economies have of competing against larger economies with much larger domestic markets and economies of scale and that if Ireland were to increase its corporate tax rates, many mobile businesses would leave - not to elsewhere in Europe - but to even lower tax countries in the far East and the Caribbean.


Corporation profits taxes cannot be considered in isolation from other taxes businesses face in the Irish economy where VAT rates, commercial property rates, development levies, and service charges tend to be very onerous and have increased far faster than inflation in recent years. The small business sector, in particular, is being devastated by a collapse in domestic demand, lack of access to credit, and a fire-storm of insolvencies which is threatening even profitable companies who cannot get their insolvent debtors to pay up for services rendered.  In many cases the coup de grace is then delivered by a local Council levying swinging increases in property rates in response to increased costs and a declining base of companies still in business.

The big problem with many such commercial rates, development levies and service charges is that they are entirely unrelated to a company's turnover, profitability, cash flow or ability to pay.  The operation of these local taxes is often seen as entirely capricious, at the whim of the local council, open to corruption, and unrelated to rates levied on other competing local businesses.  Finally, such taxes are very onerous and inefficient to collect, with complex and time consuming appeal procedures, and with many businesses closing and re-starting elsewhere when confronted by legal proceedings.

Accurate statistics are hard to come by, but the best estimates appear to be that Corporation profits taxes raised c. €4 Billion last year, and commercial rates c. €1`Billion.  An increase in Corporate Profits tax from 12.5% to c. 16% and an abolition of commercial rates  would therefore be revenue neutral, but would shift the taxation burden from struggling, non profitable businesses to profitable businesses thus protecting both tax revenues and employment throughout the economy. It would thus be broadly progressive - those who make higher profits pay more tax - and could also be presented to Merkel and Sarkozy et al as a gesture towards corporate tax harmonisation within the Eurozone.

In making this argument I am conscious that it is very much contrary to both Chris Cook's ideas on property taxation, and a more general abhorrence on progressive sites like this to low levels of corporate taxation generally.  Certainly the Irish taxation system as a whole is heavily weighted towards income and expenditure as opposed to property or wealth resulting in relatively high marginal rates of income tax (following recent increases) when compared to property taxes. This tends to reward "old money" at the expense of current productive activity. Some form of property or more broadly defined wealth tax is unavoidable if the burden of income taxes (which tend to impact more heavily on younger, more economically active, and larger families) are not to increase to levels which exacerbate emigration and other economically counter-productive trends.

However the existing system of commercial rates in Ireland is so opaque, capricious, and open to corruption that it really needs to be radically reformed. It is falling ever more heavily on a declining base of surviving companies and risks killing off small businesses entirely. In every town in Ireland, at the moment, small businesses are closing at an alarming rate. Another lengthy review of taxation systems (their have been many tax reform proposal published in the past) is the last thing they need. Immediate emergency action is required. An elimination of commercial rates offset by an increase in profits taxes will shift the burden of taxation from struggling to profitable businesses. If it also contributes to greater and more transparent corporate tax harmonisation within the Eurozone, then so much the better.

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One of the most controversial aspects of the Celtic tiger and subsequent implosion of the Irish economy has been the 12.5% rate of corporate profits tax applicable to most businesses in Ireland.

Its detractors accuse Ireland of harmful tax competition which will lead to a race to the bottom in corporate taxation worldwide. President Sarkozy and Chancellor Merkel have all but made an increase in Irish corporate tax rates a precondition for any renegotiation of the ECB/IMF deal to deal with the banking (and now fiscal) crisis in Ireland.

Its supporters argue that Ireland's 12.5% headline rate is very close to the effective (average rate actually paid) rate of c. 8% and that many countries with much higher headline rates have so many exemptions and supports for businesses that their effective rates of tax are in fact much lower than their headline rates.  

They further argue that other small European states like Luxembourg and Switzerland have even lower effective corporate tax rates and that lower taxes is the only way that smaller (and particularly more peripheral) economies have of competing against larger economies with much larger domestic markets and economies of scale.

Finally they argue that if Ireland were to increase its corporate tax rates, many mobile businesses would leave - not to elsewhere in Europe - but to even lower tax countries in the far East and Caribbean - resulting in a net loss of output and tax revenue for Europe as a whole.

Corporation profits taxes cannot be considered in isolation from other taxes businesses face in the Irish economy where VAT rates, commercial property rates, development levies, and service charges tend to be very onerous and have increased far faster than inflation in recent years.

The small business sector, in particular, is being devastated by a collapse in domestic demand, lack of access to credit, and a fire-storm of insolvencies which is threatening even profitable companies who cannot get their insolvent debtors to pay up for services rendered.  In many cases the coup de grace is then delivered by a local Council levying swinging increases in property rates in response to increased costs and a declining base of companies still in business.

The big problem with many such commercial rates, development levies and service charges is that they are entirely unrelated to a company's turnover, profitability, cash flow or ability to pay.  The operation of these local taxes is also often seen as largely capricious, at the whim of the local council, open to corruption, and unrelated to rates levied on other competing local businesses.

Finally, such taxes are very onerous and inefficient to collect, with complex and time consuming appeal procedures, and with many businesses closing and re-starting elsewhere when confronted by legal proceedings.

Corporation profits taxes raised c. €4 Billion last year, and commercial rates c. €1`Billion.  An increase in the corporate profits tax rate from 12.5% to c. 16% combined with an abolition of commercial rates  would therefore be revenue neutral, but would shift the taxation burden from struggling, non profitable businesses to profitable businesses thus protecting both tax revenues and employment throughout the economy.

It would also be broadly progressive - those who make higher profits pay more tax - and could also be presented to Merkel and Sarkozy et al as a gesture towards corporate tax harmonisation within the Eurozone without harming our reputation as a business friendly environment for foreign investment.


Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Feb 10th, 2011 at 07:26:33 PM EST
Frank Schnittger:
would shift the taxation burden from struggling, non profitable businesses to profitable businesses
How about shift the taxation burden from struggling small businesses to large corporations?

You shouldn't give critics a handle to argue "nonprofitable businesses should go bust" from a social darwinism/Austrianism/creative destruction angle.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 05:17:52 AM EST
[ Parent ]
Migeru:
You shouldn't give critics a handle to argue "nonprofitable businesses should go bust" from a social darwinism/Austrianism/creative destruction angle.

Nobody makes that argument in Ireland - we're happy to have any business we can get and understand that all businesses, especially smaller ones or start-ups can go through rough patches where they might need support.

Perhaps this illustrates why IM was wrong to tar all irish political parties with the "neo-liberal" brush.  Some may think that that is the way the world works, at a global, macro-economic level, but few want it to work that way.

There is a lot of appreciation for people who put in a hard shift and want to make a go of their business, and almost no time for those who regard profits as an end in themselves.  The notion that, the higher the profits, the more tax you pay, is not therefore controversial at all/

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 05:50:40 AM EST
[ Parent ]
Frank Schnittger:
Perhaps this illustrates why IM was wrong to tar all irish political parties with the "neo-liberal" brush.  Some may think that that is the way the world works, at a global, macro-economic level, but few want it to work that way.
I think IM may have been right to say "they're neoliberals and they want to have their cake and eat it, too".

Nobody claims that neoliberal economics makes logical sense, or that conservatives do logic.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 06:41:22 AM EST
[ Parent ]
Insofar as this remark is directed at me personally, I think my views are more accurately expressed in this comment below.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 07:21:52 AM EST
[ Parent ]
I am pretty sure that Franks proposal is already at the left margin of Irish political discourse. Over at Cedar lounge revolution they already speculate about a FG one party government.

A question, this proposal would be neutral to business, but wouldn't it ruin local governments or at least their independence?

by IM on Sat Feb 12th, 2011 at 06:04:21 PM EST
[ Parent ]
Local Government gets most of its funding from central Government anyway, and arguable spends most of it quite inefficiently on local bureaucracies which tend add little value.  You must remember that even the National Government only covers a population of 4 Million - "Local" in the context of many larger countries - and some County Councils cover populations as small as 30,000.  I do accept there is a risk that the autonomy of local councils could be eroded further by this proposal and would not be averse to some form of "ring-fencing" to safeguard this.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Feb 13th, 2011 at 07:56:00 AM EST
[ Parent ]
They further argue that other small European states like Luxembourg and Switzerland have even lower effective corporate tax rates and that lower taxes is the only way that smaller (and particularly more peripheral) economies have of competing against larger economies with much larger domestic markets and economies of scale. They further argue that if Ireland were to increase its corporate tax rates, many mobile businesses would leave - not to elsewhere in Europe - but to even lower tax countries in the far East and Caribbean. - resulting in a net loss of output and tax revenue for Europe as a whole.

I wonder how significant a factor the tax rate is to foreign companies investing in Ireland. I'd really love to see figures showing where these multinationals setting up Irish bases have come from. The line trotted out here is that they are primarily US firms, attracted also by the shared language, proximity, and Eurozone membership. Were this to be true, a modest rise should be palatable enough; at least to those with existing operations.

You're raising another issue - funding and devolution to local authorities. Rates are a significant income source for local authorities and one of the few things they can tinker with. Your suggestion couldn't really be called revenue-neutral  as the likely result would be cuts to local services as central funds get siphoned off into the banks. I can't corporate tax income being ring-fenced. That's not a argument against the abolition of rates though, just a cynical observation.

by ectoraige on Thu Feb 10th, 2011 at 07:59:20 PM EST
There are increasing numbers of countries with high educational levels, wide English language competency, lower wage rates, and increasingly unobstructed access to Eurozone markets, so all the other advantages that may have contributed to the Celtic Tiger are becoming less important.  In the meantime globalisation and reducing corporate tax rates elsewhere chip away at the one last advantage Ireland has in attracting mobile foreign direct investment.

So, yes, I do think the low tax rate is an important component of why major companies located here, although it may not be enough in the future.  I don't have a problem with major companies like Google, Microsoft, Oracle,or Wyeth locating here because they brought real investment, major numbers of jobs, and net increases in tax revenue.  I do think the Financial Services Centre was largely a tax avoidance scam and has rightly annoyed other Eurozone countries.

Guinness/aka Diageo is actually incorporated in Holland because various exemptions means the tax cost is even lower there.  Some countries just keep a lower profile when it comes to tax competition.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Feb 10th, 2011 at 08:33:05 PM EST
[ Parent ]
S you argue that Ireland - one of the richest countries in the union - should get a special dispensation to a low corporation tax policy? Why?

And that is not a long term plan anyway: Slovakia already imitated you Ireland on the corporation tax rate.

And of course in most countries there are thinks like commercial rates. In Germany e. g. you would add the corporation tax, solidarity surcharge and local corporation tax together and get a tax rate of 29-31%.

So the argument that commercial rates are a special Irish burden on business is not that persuasive.

by IM on Sat Feb 12th, 2011 at 06:13:25 PM EST
[ Parent ]
IM:
S you argue that Ireland - one of the richest countries in the union - should get a special dispensation to a low corporation tax policy?

Firstly - there is no question of a "special dispensation".  Corporate taxation (and most other forms of national taxation) are outside the scope of any EU Treaties and so any attempt to force Ireland to change its rates is not a function of the EU, but of imperial dominance by more powerful nations seeking to impose their interests.

Secondly, my argument is that the manner in which commercial rates are applied in Ireland is inequitable, capricious, regressive and economically inefficient.  It is a matter for Ireland, and Ireland alone, to remedy this if it so chooses, and my suggestion is a revenue neutral rebalancing from struggling to profitable businesses.

Thirdly, you are correct in identify a trend for peripheral EU states to lower their rates - I suggest this is because that is the only way they can compete with the larger powers - and so in the absence of a fiscal transfer Union, this is a trend which will indeed continue.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Feb 13th, 2011 at 08:08:54 AM EST
[ Parent ]
Spare me the nationalistic blather. You can't build a business model on luring in companies from all over the world with low corporation tax rates and then suddenly say that this a purely domestic matter. It isn't, it does influence the ability of other states to tax their corporations.

And if just discussing this violates the sovereignity of Ireland, then perhaps you should not complain about effective tax rates in the Netherlands.

It isn't a long term strategy anyway: Tomorrow Slovakia or Estonia or indeed the Netherlands will undercut Ireland and what then? Offer a -12,5% tax rate?  

by IM on Sun Feb 13th, 2011 at 05:48:49 PM EST
[ Parent ]
IM:
Spare me the nationalistic blather

If you want to be rude please take your conversation elsewhere.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Feb 14th, 2011 at 05:46:10 AM EST
[ Parent ]
And can I just add that drive-by accusations of nationalism on a site like ET - and I'll be polite here - seem to have more to do with rhetorical point-scoring for the sake of it than anything else.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Feb 14th, 2011 at 05:52:42 AM EST
[ Parent ]
If you think Ireland is one of the richest countries in the union you need your sense of reality recalibrated. You could start by not accepting neoliberal propaganda about how brilliantly reform was working in Ireland. Then revise the definition of "rich" and figure out the difference between that and per-capital GDP.
by Colman (colman at eurotrib.com) on Sun Feb 13th, 2011 at 10:45:25 AM EST
[ Parent ]
I am not defending your splendid low corporation tax.

And measured in gdp pro head, Ireland is still number two in the EU behind Luxemburg.

Now you could argue that gdp per head is meaningless. But that just shows how hollow this whole "lure multinationals with low taxes and lax regulation" to Ireland strategy was. It did produce high gdp numbers, but did it produce national wealth?

In the end, Ireland is richer then e. g. Slovakia or Estonia or Portugal, surely in the top quarter of the EU.

by IM on Sun Feb 13th, 2011 at 05:56:05 PM EST
[ Parent ]
Top half, I guess, but well behind the core still in wealth: infrastructure and so on.

I'm not defending the corporation tax rate - or any other Irish tax policy - either: the whole thing is part of the dumbass lack of an industrial policy, including a proper redistribuion policy, in the EU. However, given an EU that's being run in terms of national self-interest and beggar-your-neighbour economics, the Irish corporate tax rate pretty rational.

by Colman (colman at eurotrib.com) on Mon Feb 14th, 2011 at 07:23:15 AM EST
[ Parent ]
Given the experience in California I also would be wary of limiting the tax authority of local governments. That is a major component of the insolvency problem in California. Any limits have to be commensurate with the service obligations which local governments are supposed to provide.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 11th, 2011 at 10:48:19 AM EST
[ Parent ]
Most European countries the size of Ireland have extensive and (semi-)automatic transfers from the central to the local level. D.C.-California relations isn't the appropriate analogy. In terms of scale, Los Angeles-Hollywood relations would be more accurate.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Feb 16th, 2011 at 11:44:35 AM EST
[ Parent ]
on European tax rates (harmonizing thereof)

on the principle that I know nothing about it, so it would be a learning experience.

On the other hand, I would have to do a bit of homework.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Feb 11th, 2011 at 06:23:51 AM EST
Migeru was putting together a response to an EU consultation document on VAT harmonisation but I didn't get involved because I'm not a tax expert.

However I often blog on topics I know little about because you generally learn a lot from the discussion that take place on ET in response. Often a short blog asking a few questions starts a better discussion than a long one which tries to give the answers.

This particular diary also risks the wrath of the denizens because they reserve a special hatred for low corporation taxes in general and Ireland's alleged tax competition in particular.

I think they have a good case on the Financial Services Centre - which is an abusive tax avoidance scam - but less so on Irish industrial policy in general.  Hence this diary which attempts to put a (partial) counter argument.

Overall I think they are right - I am all for Tobin taxes and global political controls and harmonised tax rates on global capitalism. "Free" trade priviliges should be subject to minimum environmental controls, human rights, and taxation levels to avoid global capital playing off one country against another.

However in the absence of these systems - which are what neo-liberalism is designed to fight off - I don't think smaller countries like Ireland have any choice but to position themselves nearer the bottom of the tax market if they are to have a chance of competing with Germany and the big boys within the Eurozone.

That is why Merkel and Sarkozy are so keen to kill off Ireland's tax advantage - it stands in the way of their achieving total domination of the Eurozone.  A more equitable Eurozone with transfer unions to ensure stability and greater regional balance is the last thing they want.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 07:10:02 AM EST
[ Parent ]
To me it seems that if a corporation is allowed to work within the EU it should have to establish a company here (and not in the Bahamas). And if a company once established can work in all EU-countries then the corporate tax should be the same (possibly federal), the alternative being (at least over a threshold) having to establish seperate corporations in seperate countries.

Anyway, back to our world. I think establishing a common lowest level of corporate tax would be a good thing, as otherwise I think it will be gradually lowered over the years in a race to the bottom. And I think US companies would prefer Ireland anyway, because there people speak english even among themselves which is a big difference from speaking english when they accomodate you.

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!

by A swedish kind of death on Fri Feb 11th, 2011 at 07:37:24 AM EST
[ Parent ]
As far as I am aware the USA taxes US companies on their foreign earnings regardless of what "local" taxes they have paid in foreign markets like Ireland.  They can do this because they are the dominant imperial power and no major US corporation can afford to be shut out of the US market.

There is a logic to arguing that if you want to trade freely within a common market and political Union, then you should pay the same taxes regardless of where you are incorporated within that Union.

However, as my diary seeks to illustrate, you cannot make this case in the abstract - a lot of other taxes and supports operate at national levels and impact on corporate costs and location decisions.  Ireland has done a good job of "marketing" its low headline corporate tax rate to multinationals etc., but in practice Holland has just as low an effective corporate tax rate.

So my argument would be that we need to consider harmonising not just corporate tax rates, but VAT rates, and that local rates and services charged should reflect the actual cost and value of services rendered and not some arbitrary and capricious imposition as is often currently the case in Ireland.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 08:01:39 AM EST
[ Parent ]
Small quibble Frank, might need checking. I think US corporations can deduct local taxes, but i'm not certain. What i do remember is some very convoluted arguments being made about taxing international income in California.

"Life shrinks or expands in proportion to one's courage." - Ana´s Nin
by Crazy Horse on Fri Feb 11th, 2011 at 10:04:27 AM EST
[ Parent ]
Point taken.  I have read contradictory reports on this - on the one hand that US Governments are taxed on their oversees earnings - but then it hardly makes them to locate in "low tax" locations if they are going to be taxed on the difference anyway.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 12:23:01 PM EST
[ Parent ]
US individuals are taxed on their overseas earnings, which is somewhat unusual. I think this is what you refer to.

AFAIK, there is nothing particularly unusual about the American stance on corporate taxes (except that it may be slightly more offshoring-friendly than in the rest of the OECD).

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Feb 16th, 2011 at 11:50:52 AM EST
[ Parent ]
Local taxes are deductible in countries that have a tax treaty with the US. Which is most countries that aren't glorified money laundering scams.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Feb 16th, 2011 at 11:47:55 AM EST
[ Parent ]
without industrial policy

(I mean, logically you can't. In the real world, you can, of course... just like you can have a single currency without economic government... [but the consequences will kill you])

... But anyway, the point I wanted to make is this: if you unify European taxation, that does NOT necessarily imply uniform tax rates.

It would be absolutely logical that "peripheral", or "developing", economies should have lower company tax rates than the "powerhouse" economies. Not as a matter of undercutting each other, but as a matter of industrial policy.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Feb 11th, 2011 at 11:11:16 AM EST
[ Parent ]
I would support the harmonisation of tax systems, but not tax rates.  I.e. common accountancy standards, common definitions of "profits", common definitions of write-offs - e.g. for R&D - so that companies locating in the EU can use the same accountancy systems to settle their tax liabilities in all Members states - even if (e.g.) Germany charges 30% and Ireland 15% on a common definition of what the taxable income is, and which income arises in Germany and which in Ireland.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Feb 11th, 2011 at 12:27:54 PM EST
[ Parent ]
If we get a definition of which income arises where and tax it where arise, then I think the problem is solved and where headquarters are will be a question of building an efficient headquarter, not dodging taxes. Then corporate taxes could very well be different in different countries.

If we do not get such a definition, my suggestion would be a federal corporate tax, the money from which (actually not really, but similar amount) is handed out equally to the citizens of EU. This would always benefit the poorer members (as 100 euros in Roumania buys more then 100 euros in France), while making sure corporate tax can not be dodged.

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!

by A swedish kind of death on Sat Feb 12th, 2011 at 07:33:36 PM EST
[ Parent ]
If I could change one thing in regarding European corporate taxes, it would be rules in the Natherlands and Liechtenstein for foundations. Ingvar Kamprad has used the current rules to place ownership of key parts of IKEA in foundations that do not pay taxes, these can then tax the various corporations fees in order to move the profit and avoid paying corporate taxes anywhere.

12.5% would be a huge improvment.

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!

by A swedish kind of death on Sat Feb 12th, 2011 at 07:04:09 PM EST
Found article about it, if anyone wants to read more:

IKEA: Flat-pack accounting | The Economist

Flat-pack accounting Forget about the Gates Foundation. The world's biggest charity owns IKEA--and is devoted to interior design


A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
by A swedish kind of death on Sat Feb 12th, 2011 at 07:12:43 PM EST
[ Parent ]
What should be the issue with Irish corporate tax law:

Double Irish Arrangement

by det on Mon Feb 14th, 2011 at 02:36:23 AM EST
[ Parent ]
I absolutely agree with you on this.  The 12.5% headline rate is the least of our problems, but as you note the loopholes are created by a combination of Irish, US, Dutch and Cayman tax laws.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Feb 14th, 2011 at 05:38:56 AM EST
[ Parent ]


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