(Via Phys.org) Earlier this year the Republic of Ireland came under scrutiny by the European Commission due to its tax arrangements with Apple and other major multinationals. This scrutiny along with criticism from the US Senate and other political bodies led to Ireland announcing a phased abolition of its controversial ‘Double Irish’ tax loophole last month. Despite this Ireland’s corporation tax remains at a relatively low 12.5% – something that finance minister Michael Noonan said will not change. While this low rate undoubtedly benefits many of the bigger players in the business world, the heads of various start-ups in attendance at this year’s web summit in Dublin claim that it is Ireland’s impressive pool of intellectual wealth, not its tax laws, that make it an attractive prospect for new companies. Particularly in the technology sector.
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Featured image: The River Liffey at sunset.