Ireland remains central to a rotten system that deprives some of the poorest countries in the world of much needed tax revenue
Ireland remains central to a rotten system depriving some of the poorest countries of much-needed tax revenue
If you accept this premise, we have little to be embarrassed about. Apple is not down €13 billion because the Government gave it bad tax advice or reneged on a deal. Apple has a problem because a scheme that it devised, along with its advisers, to reduce its global tax bill did not work. It was worth potentially forgoing the €13 billion the commission said Ireland Inc was owed to underpin the credibility of the State as counterparty in foreign direct investment deals with multinationals. We have kept our end of the bargain and, hopefully, the wider multinational base appreciates the point. Apple will hopefully be equally clear-eyed about the fact that its problems are not of our making.
The final constituency is ourselves. There is little to worry about in this regard but perhaps there should be. Apple’s Irish tax scheme falls pretty squarely into Beps. Efforts to combat Beps — most notably the 2018 cut in US tax rates and an international agreement by 140 counties, including Ireland, on a minimum 15 per cent tax on multinational profits — have made little impact. They have been significantly eroded by continued tax competition between countries. It is a negative sum game; for one country to win, another must lose.
Organisation-For-Economic-Co-Operation-And-Develop Margrethe-Vestager European-Court-Of-Justice Tax European-Commission
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