Ireland is to shut its so-called “double Irish” corporate tax loophole from the beginning of next year, bowing to intense pressure to close one of the most controversial measures in international tax planning.
Beneficiaries include Google, Facebook and big pharmaceutical companies. In the past 20 years they have established significant tax-planning operations in Dublin, in addition to large operational, research and development and manufacturing divisions.
Luring US investment to Ireland helped create its booming economy before the financial crisis. For years, Dublin resisted intense pressure from its EU partners over what they regarded as unfair tax competition.
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