US companies accused of having many subsidiaries in Ireland to benefit from lower tax rate than US

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13 July 2013

Insight: Apple controversy lays bare complex Irish tax web

Author: Padraic Halpin, Carmel Crimmins & Himanshu Ojha, Reuters

A Reuters analysis of Irish and U.S. filings shows that more than 40 percent of the S&P 500 have registered subsidiaries in [Ireland]…Ireland, which has courted U.S. business for decades, rejects the Senate's claims that it is a tax haven, but the case has damaged its reputation as it seeks to emerge from an EU-IMF bailout…Company documents in Ireland and filings in the United States shows that many firms have multiple units in Ireland, where corporate income tax is 12.5 percent - about a third of the top U.S. federal income tax rate of 35 percent…Apple…is just one of many companies that route money through the country to cut taxes on company profits and fund investments…In Western Union [part of First Data]'s case…Office Park houses 11 of its 12 Irish subsidiaries. The company made 92 percent of its pretax income outside the United States last year, although a fifth of its staff work in the country…[Also refers to Boston Scientific, Bristol-Myers Squibb, eBay, Eli Lilly, Facebook, First Data, Google, PepsiCo, Paypal (part of eBay), Pfizer, Stanley Black & Decker, XL]

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24 January 2013

Tax avoidance - an introduction

Author: compiled by Business & Human Rights Resource Centre

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