Apple Controversy Pushes Ireland To Alter Company Tax Laws
Peter Donnell / 5 years ago
Apple make billions in profit every year and one would expect they would pay a sizeable amount of that in taxes, but they don’t, or at least no where near what they should. Apple use Ireland to lower their tax bills and by setting up a their company there they can take advantage of low tax rates, while also avoiding paying US taxes since the company is technically not a US tax resident, even though we all know Apple clearly operates out of the US.
Apple are not the only company to use this tax trick, but they’re the one catching all the headlines given their relative size and huge yearly profits. The Irish Finance Minister Michael Noonan has promised to amend the country’s corporate tax laws, bringing peace to the controversy that surrounds US companies using the country to lower their tax bills.
“I will be bringing forward a change to ensure that Irish registered companies cannot be ‘stateless’ in terms of their place of tax residency. Ireland wants to be part of the solution to this global tax challenge, not part of the problem.” said Noonan at the 2014 budget in Dublin.
This isn’t the end of the issue of companies paying the right amount of tax in the correct country, but it certainly is a step in the right direction to stop major corporations from playing the system.
Thank you Mashable for providing us with this information.