That represents an increase in corporate profits of € 24 billion...
What business(es) are doing so well that their revenues are so through the roof that their profits are up by € 24 billion resulting in a payout to the Revenue of € 3 billion?
Not Irish businesses - that's for sure. With Enda Kenny and Michael Noonan doing their best to convince us they've performed some feat of economic alchemy to make Ireland the fastest growing economy in Europe you'd think we were back to the boom times.
Noonan himself on the Six One Lies on the day of the announcement admitted he has absolutely no idea where the money came from ... he just accepts what the Revenue tells him...
But businesses are closing EVERY DAY OF THE WEEK (240 jobs in ROCHE Pharmaceuticals in Nov and this week it was 98 jobs in SuperValu) ... so whose business has gone through the roof in 2015?
Nobodys!
It is most likely that the € 3 billion windfall to the exchequer comes from US Multinationals releasing funds through the Irish tax system from their billions stashed off shore. With global business still in the dumps it is likely that the Multi Giants are strapped for cash ...it's gotta be bad out in the real world when Ireland is the fastest growing economy in Europe - and maybe futher afield.
Releasing their stashed money through the Irish tax system saves them billions in tax. To repatriate that money in the US would result in a hit of 35% corporate tax compared to the 12.5% incurred in Ireland. That's a saving of almost € 5.5 billion...
makes sense to me....
It also makes sense that US multinationals with European HeadQuarters in Ireland would try to sweeten the State as a supporter and willing lobbyist for TTIP...
A €3 billion windfall (in just one year with a possibility of more to come) would be like the US Corporate Golden Goose laying a Golden Egg for whoever wins the next general election...
interesting times
#fuckEU
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