Report by EU Tax Observatory says Ireland and Netherlands saw largest amount of profit shifting worth over $140bn for each in 2019
Ireland collected €4,500 in corporate income tax revenue per inhabitant last year, five times as much as France and Germany, according to a new report which pinpoints Ireland as one of the main “tax havens” in the world.
While it identifies 13 countries globally as the main tax havens for corporate profit shifting, it said Ireland and the Netherlands were the largest “with over $140 billion shifted to each in recent years”.Why was the tourism sector ignored in the budget? While some of this growth may reflect the relocation of real activities, “a large fraction probably reflects the rise of profit shifting to Ireland, in particular due to the relocation of intangible assets” following the global clampdown on multinational tax avoidance, the OECD-led reform process and the introduction of new patent box regime here, which allows firms apply a lower rate of tax to the profits derived from patented income.
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