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Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Professor Frank Barry: The Vice Chairman's point was that if he was an Apple shareholder he would be wondering when he would see the benefit of this. It is not ideal, but if these profits are earned by Apple and are kept offshore, he will not get the benefits in dividends. However, they will be reflected in the share price because they are genuine profits of the Apple company. Therefore,...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Pearse Doherty: ...in 1997 and this happened in 1998, but it was a coincidence. The document makes no reference whatsoever to changes in US taxation law, and the check-the-box change, which was the subject of the US Apple hearings, facilitated companies such as Apple in doing what they do legally in both jurisdictions. The recommendation for the Finance Act 1999 proposed that registration in the State...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

...viewpoint of the British tax authorities, the Irish tax authorities and global tax authorities. One could chop it up any way one wanted. Let me make one point about this. As an US company, if Apple's profits accumulating from wherever, presumably somewhere in the Caribbean because it tends to be the Caribbean, are ultimately distributed to Apple shareholders, they must go back to the...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Dara Murphy: ...place. In light of the contribution to GDP made by corporation tax, one would have to agree that we are successful in this area. While I appreciate Professor Barry did not refer specifically to Apple, the company was named on a number of occasions and we were informed it does not have operations here. Apple employs 4,500 people on the north side of Cork city, all of whom pay tax and PRSI.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Pearse Doherty: Apple's profits do not end up in the Caribbean.

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

...Barry: I would have to think very carefully about that. I am reluctant to give an off-the-cuff answer because it could have really profound consequences. That would really be a game changer. Apple strategists would ask, "Are there alternative locations where we can do better than in Ireland under this new legislation?" It might move out. That is the danger. I would have to think...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Pearse Doherty: Apple Operations International, AOI, is incorporated here and is not tax resident in Bermuda, the Cayman Islands or any other country. The company does not have tax residency here but is incorporated in Ireland and controlled in the United States. Either the United States decides the company is tax resident in the US because it is controlled there or Ireland decides the company is tax...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Stephen Donnelly: ...€500 million in taxes. Corporation tax is paid here but not fully and the royalty transfer would not be included in the effective corporation tax. The fourth segment is taxes not paid anywhere. Apple has discovered this loophole between Irish and US law. I have the briefing note to the US Senate sub-committee which said that Apple Operations International, which has no...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Dara Murphy: The Apple corporation is extremely valuable to the economy and my constituency. There is no suggestion that any of the corporations in question are breaking the law. The responsibility for the flaw in the system lies with policymakers around the world. We must make that important distinction. Deputy Boyd Barrett cited a number of figures. We have not discussed in detail the difference...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Pearse Doherty: ...haven because there are no tax havens in the world. The Government tells us Ireland's effective tax rate is 11.9% but this is based on the example of a company which produces flowerpots and is not Apple, Google or any company able to avail of tax incentives. Will Professor Barry comment on this?

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Liam Twomey: ...Island accounts. It is starting to seep into the common language of ordinary people that big corporations are making huge funds here. Do we have any information from shareholders? If I was an Apple shareholder I would wonder when I was going to see my money. What are taxpayers coming back with? Is there any talk in the United States about a general amnesty? That is one way of...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

Pearse Doherty: ...the Minister for Finance and everybody in this room, knows that there are companies incorporated in this State that are non-tax-resident here or anywhere else in the world. One such company is Apple. There are many other such companies. The Department of Finance does not know how many such companies exist but we do know there are a number of them. These companies do not pay tax...

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation: Base Erosion and Profit Sharing: Discussion with Trinity College (17 Sep 2013)

...which had invested under the previous regime were given a grandfathering clause to allow them to transition to the new regime. Jim Hynes misinterpreted that as a tax holiday. I suspect that the Apple testimony to the US Senate sub-committee may have been similarly misinterpreted in its suggestion that it was promised a special rate. The IDA has a different interpretation and I think it...