Ireland has bowed to international pressure and said it would close a legal loophole that enabled Apple to save tax on $44bn of offshore income in the country’s first major step against tax avoidance.
Michael Noonan, Ireland’s finance minister, said yesterday that he would ensure that Irish-registered companies could not remain “stateless” in terms of their tax residency.
His move came after Dublin was singled out by a US Senate committee this year for acting as a conduit for Apple’s earnings so that it could sidestep large tax payments around the world.
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