>Their combined tax liability for the year ended on June 30, 2021 (or December 31, 2020 for the two LinkedIn subsidiaries) was equivalent to €2.5 billion at last year’s average US dollar exchange rate. This accounts for a 35 per cent year-on-year increase in the total tax charge reported by Microsoft companies in Ireland, worth an additional €656 million in Exchequer revenue.
>Compare this to the total corporation tax take in 2021, which came in at €15.3 billion (much higher than the €12 billion forecast by the Department of Finance). Microsoft alone now accounts for one sixth of this resource for the state.
>. . .
>Microsoft was an early mover in the use of the so-called green jersey tax structure onshoring intellectual property to Ireland, in replacement of the double Irish whereby associated profit was domiciled in a Bermuda tax-resident Irish company. We don’t know how the previous double Irish structure operated, because the unlimited companies involved were exempt from filing public accounts under Irish law until 2018.
>. . .
>Between these companies and its two additional LinkedIn subsidiaries, Microsoft has reported the highest contribution to date to 2021’s record corporation tax collections in Ireland. It files accounts earlier in the year than others due to its unusual June end of year, but we are unlikely to see larger numbers for any other individual taxpayer.
>Software giants with operations of comparable size in Ireland, such as Google and Facebook, have repatriated their intellectual property to the US, resulting in smaller taxable profits in Ireland. Other multinationals such as Apple, Intel and Pfizer may have similar or larger tax bills in Ireland, but they don’t publish disaggregated accounts isolating their activity in this country.
bUt ThEy DoN’t PaY TaXeS!!
Microsoft owns LinkedIn? I never knew this.
Sometimes it feels like Ireland is a ticking timebomb back to potatoes and cabbage for all.
The people we have leading us are hardly the best and brightest.
Sigh
Microsoft, a great bunch of companies.
Shows how little other companies pay. Shame on them
Yet Sinn Fein and the other Trots will tell you they pay nothing. Imagine how fucked we will be in 5 years when the Shinners are half way through their first term in government and all the multinationals are routing their money through other more business friendly countries.
It’s kinda insane how in all our school textbooks companies paying very little tax is seen as good
Oh yeah baby, you know what I like. Show me them revenues.
12 comments
That’s not a good position to be in
https://thecurrency.news/articles/79109/cloud-high-how-microsoft-grew-to-pay-one-sixth-of-irelands-corporation-tax/
>Their combined tax liability for the year ended on June 30, 2021 (or December 31, 2020 for the two LinkedIn subsidiaries) was equivalent to €2.5 billion at last year’s average US dollar exchange rate. This accounts for a 35 per cent year-on-year increase in the total tax charge reported by Microsoft companies in Ireland, worth an additional €656 million in Exchequer revenue.
>Compare this to the total corporation tax take in 2021, which came in at €15.3 billion (much higher than the €12 billion forecast by the Department of Finance). Microsoft alone now accounts for one sixth of this resource for the state.
>. . .
>Microsoft was an early mover in the use of the so-called green jersey tax structure onshoring intellectual property to Ireland, in replacement of the double Irish whereby associated profit was domiciled in a Bermuda tax-resident Irish company. We don’t know how the previous double Irish structure operated, because the unlimited companies involved were exempt from filing public accounts under Irish law until 2018.
>. . .
>Between these companies and its two additional LinkedIn subsidiaries, Microsoft has reported the highest contribution to date to 2021’s record corporation tax collections in Ireland. It files accounts earlier in the year than others due to its unusual June end of year, but we are unlikely to see larger numbers for any other individual taxpayer.
>Software giants with operations of comparable size in Ireland, such as Google and Facebook, have repatriated their intellectual property to the US, resulting in smaller taxable profits in Ireland. Other multinationals such as Apple, Intel and Pfizer may have similar or larger tax bills in Ireland, but they don’t publish disaggregated accounts isolating their activity in this country.
bUt ThEy DoN’t PaY TaXeS!!
Microsoft owns LinkedIn? I never knew this.
Sometimes it feels like Ireland is a ticking timebomb back to potatoes and cabbage for all.
The people we have leading us are hardly the best and brightest.
Sigh
Microsoft, a great bunch of companies.
Shows how little other companies pay. Shame on them
Yet Sinn Fein and the other Trots will tell you they pay nothing. Imagine how fucked we will be in 5 years when the Shinners are half way through their first term in government and all the multinationals are routing their money through other more business friendly countries.
It’s kinda insane how in all our school textbooks companies paying very little tax is seen as good
Oh yeah baby, you know what I like. Show me them revenues.
Need to tax Google, Apple and Fartbook more then
We’re not paying back our national debt are we?