An Irish Apple a Day Keeps International Taxes Away
Ireland on Tuesday bowed to mounting global pressure to work toward eliminating a tax loophole Apple Inc. (NASDAQ:AAPL) used to reap $44 billion in tax savings.
Addressing members of the Irish Parliament during a speech on the 2014 budget, covered in full by TheJournal.ie, Irish Finance Minister Michael Noonan pledged to bring “forward a change in the finance bill to ensure that Irish-registered companies cannot be ‘stateless’ in terms of their place of tax residency.” Noonan specified that “Ireland wants to be part of the solution to this global tax challenge, not part of the problem.”
Apple and Ireland came under fire from the U.S. Senate’s Permanent Subcommittee on Investigations. The committee’s report, released in May, serves as a complement to the hearing. Both were undertaken to gain insight into how Apple was able to “shift billions of dollars in profits away from the United States and into Ireland” using “a special corporate tax rate of less than two percent,” according to the report.