Ireland is the world’s biggest corporate ‘tax haven’, say academics.. estimates that foreign multinationals shifted $106 billion (€90 billion) of corporate profits to Ireland in 2015.
This was more than all of the islands of the Caribbean combined https://t.co/3DBRSpKKja— Rory Hearne (@RoryHearne) June 30, 2019
Profits.
Not people.
The research from academics at the University California, Berkeley and the University of Copenhagen estimates that foreign multinationals shifted $106 billion (€90 billion) of corporate profits to Ireland in 2015.
This was more than all of the islands of the Caribbean combined ($97 billion/€83 billion), and well ahead of Singapore ($70 billion/€60 billion), Switzerland ($58 billion/€49 billion) and the Netherlands ($57 billion/€48 billion), according to the researchers.
“By our estimates, Ireland is the number one shifting destination,” the paper states.
Until the 1990s, Ireland used to collect relatively little corporate tax revenue, about 1.5 per cent to 2 per cent of national income – significantly less than the US,” the paper says.
“Then, as profit shifting surged, so did tax collection: since the mid 1990s, Ireland has collected significantly more corporate tax revenue (as a fraction of national income) than the US – about twice as much in 2015.
Meanwhile…
The Department of Finance said:
“Ireland is not a ‘tax haven’ and does not meet any of the international standards for being considered such.”
Ireland is the world’s biggest corporate ‘tax haven’, say academics (irish Times)