US firms paid tax rate of 8% on profits in Ireland - RTÉ News.
Ireland's Corporate Tax rate is the well known 12.5%. It has become a mantra that our politicians will defend to their dying breath (unless their pensions are on the line). It is a low tax rate. It offends many constant our EU partners and the US and we are criticized as a tax haven.
Why then, is the effective rate not the same as the headline rate? After all it is a tax on profits not turnover (which many journos don't seem to appreciate when they refer to google's revenue and the tax paid). Why do we allow accounting practices to reduce the tax revenue available by over one third? How many of the cuts could be reversed if we had an effective rate of 10% plus? (Or even reduce the rates or other taxes which are crippling SME's).
Call for Ireland to push ahead issue of common corporate tax base - Irish News, World News & More | The Irish Times - Fri, Jan 11, 2013
Increasing corporate tax rates: what was sauce for Cyprus is toxic for Ireland | NAMA Wine Lake