Why Ireland cannot allow multinationals exploit tax system

by Business Editor David Murphy Question: what do Bermuda, the Cayman Islands and Ireland have in common? Answer: they are all countries used by multinationals to aggressively manage their tax bills. The Irish are slipping into bad company. Tax on profits is 12.5% in Ireland. There are limited write-offs which allow companies to reduce their tax bills to an average effective tax rate of 11.9%, says Enterprise Minister Richard Bruton. But some US multinationals are paying far lower rates. The …