By closing the "double Irish" loophole, the country is betting that tech companies need it more than it needs them.
As expected, Ireland's Finance Minister Michael Noonan on Tuesday announced a planned end to tax breaks fostering the so-called "Double Irish" accounting scheme, which has been used to save billions of dollars for multinational tech companies like Apple.
The Street today is pondering the announcement by Ireland‘s finance minister Michael Noonan today that the country will close a tax loophole come January that has allowed some large multinationals, including Microsoft (MSFT), Google (GOOGL), Apple (AAPL), and Facebook (FB) to book profits in the country sheltered from most taxes. Show More Summary
The Irish have officially killed the much-loved corporate tax loophole known as the "Double Irish." Irish finance minister, Michael Noonan, announced today that the government is closing the loophole in the Irish budget starting January...Show More Summary
By Tom Bergin LONDON (Reuters) - Ireland's plan to close a "Double Irish" tax loophole could cost U.S. companies including Apple and Google billions of dollars, although a new break and pressure to tackle tax avoidance elsewhere means they are unlikely to decamp. Show More Summary
Ireland will apparently announce plans to phase out its “Double Irish” tax arrangement that has allowed companies like Apple and Google to save billions, according to a Reuters report, citing sources familiar with the matter. Over the past 18 months, … Read more ›
Good morning! It's set to be a rainy day in New York. Here's the big tech news from yesterday. 1. The Irish government is reportedly planning on closing the tax loophole that makes the country so attractive to Apple and Google. The move would dramatically increase tax bills for tech companies in Ireland. Show More Summary
Ireland is moving to phase out the "Double Irish" tax structure that has let companies like Apple and Google save billions of dollars in taxes, sources tell Australia's iTnews. Although the change is not sure, it is reportedly "more likely than not" to happen. Show More Summary
The Treasury department plans to crack down on American companies that reincorporate overseas as a way to avoid paying taxes. Treasury Secretary Jacob Lew announced Monday that new rules will help close the "glaring loophole in the U.S. Show More Summary
Both the current Coalition and previous Labor Governments have long been looking to close tax loopholes that have seen big multi-nationals able to shift profit offshore in order to allegedly avoid paying tax in the Australian market. After a concerted effort by both sides of politics, those loopholes are slowly being closed according to Treasurer Joe Hockey. More »
Wall Street Journal, In Germany, Many Believers Balk at Tweak to Church Tax; As Loophole Closes, Disgruntled German Catholics and Protestants Opt to Officially Leave Churches: I n Germany, being an official church member usually means paying an extra tax. But a change in the country's tax code is now...
It's enough to make you love the law. With very little fanfare, Obamacare just raised $72 million from health insurance companies. To be more precise, it raised that money from health insurance company CEOs by closing a tax loophole. For...Show More Summary
Los Angeles Times: Close Loopholes That Let U.S. Firms Avoid Taxes by Using Inversions, by Michael Hiltzik: It's both endearing and infuriating to watch American corporate executives wring their hands about how the injustices of the U.S. tax code are forcing them — forcing them! — to reincorporate overseas through...
It's both endearing and infuriating to watch American corporate executives wring their hands about how the injustices of the U.S. tax code are forcing them — forcing them! — to reincorporate overseas through the procedure known as inversion.
Some 1,500 Oregonians have signed a petition asking Oregon lawmakers to close a tax loophole used by some corporations to get around the state’s corporate minimum tax, allowing them to pay nothing in income taxes. The tax loophole is...Show More Summary
The president devoted today's regular address to closing corporate tax loopholes, especially loopholes that allow American companies to evade taxes by "renouncing their citizenship." Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. Show More Summary
Another Saturday, more populism attacks. Interestingly, he does suggest a Good Idea amongst his populist rhetoric Weekly Address: Closing Corporate Tax Loopholes In this week’s address, the President continued his call for our nation...Show More Summary
After blocking debate on a bill to close tax loopholes for companies that move overseas in 2012, Senate Republicans reversed course Wednesday. The post Senate Republicans Advance Key Part Of Obama’s Budget, Two Years Later appeared first on ThinkProgress.
Transportation Secretary Anthony Foxx and President Obama America's infrastructure—its bridges, roads, tunnels, sewer systems—is in dire need of repair and replacement. Tuesday afternoon, President Obama sounded the warning yet again,...Show More Summary
The European Union is closing a loophole that allows companies to shift their profits between different country divisions to avoid taxation. ||| Brussels - The European Union is closing a loophole that allows companies to shift their profits between different country divisions to avoid taxation. Show More Summary