.Reuters analysis finds that some companies could still use Ireland to reduce their tax bills despite an October deal to establish a global minimum corporate tax rate aimed at curtailing profit-shifting to lower-tax jurisdictions via tombergin_News
Business-software provider Oracle declined to comment and Adobe, creator of software such as Acrobat pdf-maker, didn’t respond to requests for comment. Both companies have said they conform to relevant tax laws.
Tax specialists say the deal’s impact remains unclear because key details are yet to be agreed, including how to calculate the pot of profit that is to be taxed. Countries are currently debating carve-outs for certain tax breaks. In addition, jurisdictions could retain wide latitude in how they allow companies to calculate taxable income, the specialists said.
Malta is another country that permits multinationals to minimize taxes via intra-company intellectual property sales. Malta’s finance ministry did not respond to requests for comment on its intellectual property-related tax allowances.International pressure forced Ireland in recent years to phase out one of the world’s best-known corporate-tax loopholes, known as the “double Irish.
The profits being shielded from tax by U.S.-based companies typically come from sales to Europe, Asia and Africa, according to tax specialists and corporate filings. The U.S. Treasury loses out because the products and services sold are based on research conducted and investment made in the United States, academics say.
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