Irish subsidiaries of US firms used as part of tax dodge
national |
anti-capitalism |
other press 
Tuesday April 18, 2006 22:13
by R. Isible
Symantec and Veritas hide "Intellectual Property" in Ireland
Two large US firms, Veritas and Symantec, have been accused by the US Inland Revenue Service (IRS) of attempting to evade US taxes by transferring "intellectual property" to Irish subsidiaries.
Symantec owns Veritas (for about 6 months IIRC) and is disputing the US$900 million bill. There is speculation that Ireland is used as a kind of "entrepot" in the trading relationship between the US and EU, but this is the first concrete evidence that US firms may be using it in a bid to evade US corporate taxes.
Comments (1 of 1)
Jump To Comment: 1Not sure if this is a good thing or not.
Not paying taxes to the Bushites good thing, are they paying Irish tax (if so, good thing). It it is a logical capitalistic act that sooner rather than later will occur to Irelands detriment, if not done so already.
Should we seek tax harmonisation?
Should we care about any consequences?
Is this the natural extension of our low rate corporation tax. Intended or unintended.
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