Irish tax system in trouble with US

[Murt10]

From todays New York Times

Obama Calls for New Curbs on Offshore Tax Havens

By JEFF ZELENY and BRIAN KNOWLTON


"....American multinational corporations paid only $16 billion in taxes to the United States on $700 billion in foreign earnings — an effective tax rate of 2.3 percent — in 2004, the most recent year for which data are available, according to the White House. It distributed a statement that said that nearly one-third of all foreign profit reported by such corporations in 2003 came from three small low-tax countries: Bermuda, the Netherlands and Ireland...."


http://www.nytimes.com/2009/05/05/business/05tax.html?pagewanted=1&ref=business

Looks like we could have even more trouble on the horizon.


Murt

 

[Sunny]

Not as if we didn't know it was coming before he was elected! Not as severe as it could of been. Companies are still allowed to defer taxes on foreign operations.

 

[csirl]

Watch for a load of multinationals moving their incorporation out of the US so that they are no longer officially "American" and so arent subject to this new tax regime. This is something we should be taking advantage. We need to be running an advertising campaign in the US along the lines of .........if you dont want to pay Obama's new taxes, then why not fully incorporate in Ireland....english speaking, friendly, favourable tax treatment...nearest part of EU to the USA.....closed first world country with low taxes to USA etc etc etc.