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Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the types of tax most harmful to economic growth. Irish Finance Minister Michael Noonan (2011–2017), told an Irish MEP to "put on the green jersey" when told of a new tax scheme to replace the "Double Irish". [1]
The Fair Deal was a set of proposals put forward by U.S. President Harry S. Truman to Congress in 1945 and in his January 1949 State of the Union Address.
On 28 November 2010, European Commission, European Central Bank (ECB) and the International Monetary Fund (IMF), colloquially called the European Troika, agreed with the Irish government in a three-year financial aid programme on the condition of far-reaching austerity measures to be imposed on the Irish society in order to cut government expenditure.
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It is specifically prohibited under Ireland's own corporation tax code (Section 291A(c) of the Irish Taxes and Consolation Act 1997) to use the CAIA BEPS scheme for reasons that are not "commercial bona fide reasons" and in particular for schemes where the main purpose is "... the avoidance of, or reduction in, liability to tax".
The EU Commission's diagram of Apple's "Double Irish" BEPS tool Margrethe Vestager, announcing Apple's €13 billion fine for Irish taxes avoided from 2004 to 2014 via an illegal "Double Irish" BEPS scheme. By 2017, Apple was Ireland's largest company, and post leprechaun economics, accounted for over one quarter of Irish GDP growth.
Fair rent—meaning rent control: for the first time in the United Kingdom, fair rent would be decided by land courts, and not by the landlords. [1] Many historians argue that their absence contributed severely to the Great Irish Famine (1846–49), as it allowed the mass eviction of starving tenants.
Ireland's taxation system is distinctive for its low headline rate of corporation tax at 12.5% (for trading income), which is half the OECD average of 24.9%. [32] While Ireland's corporate tax is only 16% of Total Net Revenues (see above), Ireland's corporate tax system is a central part of Ireland's economic model.