Reginal Thomas
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Ireland Plans To Stop The Double Irish Tax Loophole American Companies Have Been Living Off Of

Ireland's plan to bring an end to a "Double Irish" tax loophole could cost U.S. firms such as Apple and Google billions of dollars. George Bull, head of the tax practice at advisory group Baker Tilly, said "The question is where do you go to? There's nowhere else in the European Union. It's just too hot." With pressure to stop tax avoidance elsewhere these American companies aren't likely to leave Ireland. Ireland has been an attractive base for U.S. firms, because of a tax regime that allows companies to channel profits made in other markets through the country and into tax havens, paying little tax while doing so. On the bright side these firms that are already operating the "Double Irish" schemes have until 2020 to follow the new rules.