DUBLIN : Leaders of the world’s largest economies hailed a recent agreement to overhaul global corporate tax rules as key ensuring multinationals paid their fair share of tax.
Companies that have generated deductions to reduce their taxable income by more than US$10 billion each in recent years via this tax-minimizing strategy include U.S. technology companies Adobe Inc and Oracle Corp, corporate filings show. In response to Reuters’ questions, the OECD acknowledged that companies could continue to benefit from profit-shifting strategies already in place but that it expects companies to be unable to build up such tax shields in the future. The approach typically relies on a company also having a subsidiary in a country with a corporate income-tax rate of zero, such as Bermuda, that enables the company to conduct the sale tax free.
Malta is another country that permits multinationals to minimize taxes via intra-company intellectual property sales. Malta’s finance ministry did not respond to requests for comment on its intellectual property-related tax allowances.International pressure forced Ireland in recent years to phase out one of the world’s best-known corporate-tax loopholes, known as the “double Irish.
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