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....But as I noted at the time, those on $80,000 earned roughly 1. 5 times the current median taxable income of $55,000, putting them above what would be considered “middle class”. ... [Read full article on Guardian ]
Saturday 9th of September 2017 09:30:19 PM
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.... You have to fill in tax form P50, available online through the Government Gateway system. If you do stop working part way through the tax year and are not going to have a continuing source of taxable income – for example, you are not intending to go back to work within four weeks or claiming a state benefit – you should be able to claim an in-year tax repayment using form P50 alone. ... [Read full article on Guardian ]
Saturday 2nd of September 2017 06:00:07 AM
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Latest Finance News related to Taxable Income

Tax cuts for the rich don't help the rest. Don't take my word for it, ask the IMF | Greg Jericho image
....But as I noted at the time, those on $80,000 earned roughly 1. 5 times the current median taxable income of $55,000, putting them above what would be considered “middle class”. ...
How your pension pot can help claw back lost child benefit image
Source : Guardian [Read Article] Saturday 9th of September 2017 06:00:00 AM
.... The child benefit tax charge is based on your adjusted net income. This is your total taxable income (ie, basic salary plus any benefits from your job such as a company car or private medical insurance, plus share dividend or rental income etc), minus things such as pension contributions and gift aided donations to charity. ...
How to make studying for a degree work for you image
Source : Guardian [Read Article] Saturday 2nd of September 2017 06:00:07 AM
.... You have to fill in tax form P50, available online through the Government Gateway system. If you do stop working part way through the tax year and are not going to have a continuing source of taxable income – for example, you are not intending to go back to work within four weeks or claiming a state benefit – you should be able to claim an in-year tax repayment using form P50 alone. ...
Rangers tax case: supreme court rules in favour of HMRC image
Source : Guardian [Read Article] Wednesday 5th of July 2017 05:02:13 PM
....Payments made via EBTs were agreed in “side letters”, which were separate agreements to employment contracts and were hidden from the taxman and the football authorities. Lord Hodge and four fellow judges agreed with HMRC’s contention that any payments made through EBTs should be considered taxable income rather than loans. ...
PENSION CHAOS: Election leaves retirees in the dark over pension tax rules image
Source : Daily Express [Read Article] Monday 12th of June 2017 04:00:00 PM
....But the snap election delayed implementation of the accompanying legislation. Under the proposed changes anyone taking taxable income from their pension would have the amount that can be saved into schemes slashed to just £4,000 a year. ...
What's better than a Buffett rule? Labor's Buffett rule by stealth | Greg Jericho image
.... Those earning around $300,000 pay roughly 36% tax – just above the 35% minimum proposed by the Buffett rule advocates:. But the problem of course is that tax is paid on taxable income, not total income. ...
In the small print image
Source : BBC [Read Article] Wednesday 26th of April 2017 03:35:41 PM
....The plan outlined Wednesday also includes benefits for ordinary households that Mr Trump promised on the campaign trail. That includes a major increase in the amount of money families can subtract from their tax bill, which would lower their taxable income. ...
Pension changes: Workers warned as tax perks SLASHED after April 5 image
Source : Daily Express [Read Article] Saturday 1st of April 2017 09:01:00 AM
....Affected people, typically workers still saving but drawing from their pension, will be hit with a tax bill if they breach the £4,000 annual limit. Savers who have taken their 25 per cent tax-free lump sum and has not drawn taxable income can still save up to £40,000 a year. ...
Pension warning: Retirees set for SHOCK tax bill after new rules are introduced THIS April image
.... Anyone drawing their pension, but still wanting to save - for instance if they are also working - will be penalised with a stinging tax bill if they breach the £4,000 annual limit. Savers who have taken their 25 per cent tax-free lump sum and has not drawn taxable income can still save up to £40,000 a year. ...
Will we pay higher stamp duty on a buy-to-let property? image
Source : Guardian [Read Article] Thursday 16th of February 2017 11:10:19 AM
.... With a pension, for example, not only do you get tax relief on contributions of up to £40,000 a year, which boosts the value of your investment, but there’s no CGT to pay. In addition, once you are 55 you are free to have 25% of your pension pot paid to you tax-free, although there may be income tax to pay on other withdrawals depending on how much other taxable income you have. ...
 Act NOW to slash your tax bill: Self-assessment tax returns due by end of January image
Source : Daily Express [Read Article] Wednesday 11th of January 2017 12:01:00 AM
.... . Monteith added that you must declare all your income and capital gains: “There are severe penalties for failing to declare all taxable income and capital gains. ...
Autumn statement: Hammond to crack down on letting fees image
Source : Guardian [Read Article] Tuesday 22nd of November 2016 10:15:47 PM
....While he admitted that some unscrupulous agents have got away with excessive fees, Lambert said: “Agents will have no other option than to shift the fees on to landlords, which many will argue is more appropriate, since the landlord employs the agent. But adding to landlords’ costs, on top of restricting their ability to deduct their business costs from their taxable income, will only push more towards increasing rents. ...

Donald Trump pressured over tax returns as Clinton surges in swing states 
 image
Source : Telegraph [Read Article] Saturday 13th of August 2016 06:03:15 PM
.... Despite making large profits, such property companies can be shown to make losses on paper using legitimate accounting methods like depreciating the value of buildings over time and factoring in operating costs. As an "active real estate developer", Mr Trump would be allowed to deduct such losses when assessing his taxable income. ...
I took some money from a pension pot and have now been sent a ridiculously high tax code image
.... This morning I received a letter from HMRC, telling me my tax code for the current year was K36211X. I discovered that HMRC has estimated my taxable income to be £677,717 and estimated PAYE income tax is £291,072 (more than 10 times what I actually pay). ...
Osborne and Corbyn publish tax records image
Source : BBC [Read Article] Monday 11th of April 2016 02:10:56 AM
....Mr Osborne paid £72,210 in tax in 2014-5 on £198,738 in earnings, comprising his official salary, rental income and share dividends from his family firm. The Labour leader paid £18,912 in tax on his MP's salary and declared £1,850 of other taxable income. ...
As the tax year ends, four things you must do in the next 10 days image
Source : Guardian [Read Article] Saturday 26th of March 2016 06:59:21 AM
....Lots of families have already been hit by the government’s “high income child benefit charge” – child benefit is clawed back via the tax system if either you or your partner have an “adjusted net income” of more than £50,000. That means total taxable income (ie, basic salary plus any company benefits, plus savings interest and dividend/rental income) minus things such as pension contributions and charitable giving. ...
The budget is coming so standby for talk of 'ordinary Australians'. Who are these people? | Greg Jericho image
....The taxation statistics since 2003-04 have broken down all taxpayers into 100 income percentiles. In 2003-04 for example, if you had a taxable income of more than $68,807 you could class yourself as being in the top 10%; in 2013-14 you would have needed to have earned over $117,647 to be in that wealthy group. ...
Bracket creep might be all the rage but the tax statistics tell a different story | Greg Jericho image
.... The average net rental loss in 2013-14 was the lower than any year since 2002-03. The annual release of data also revealed that while more people have shifted into the top two tax brackets, three quarters of tax payers earn less than $80,000, and that 52 millionaires were able to reduce their taxable income so much, they ended up paying no tax at all (well, strictly speaking it was 51 millionaires - the 52nd paid the grand total of $4 in gross tax). ...
Osborne targets overseas sellers on Amazon and eBay in VAT clampdown image
Source : Guardian [Read Article] Wednesday 16th of March 2016 07:51:22 PM
.... They ranged from schemes that disguised an individual’s earnings as loans, to businesses taking on commercially unnecessary borrowings to lower their tax bills. He also signaled a determination to tackle multinational corporations using a complex international chain of intra-group royalty fees to shift taxable income from the UK to tax havens. ...
Budget pension changes: Do I need to take my tax-free lump sum today? image
Source : Telegraph [Read Article] Monday 22nd of February 2016 12:38:10 PM
.... From the £25,000, which goes into a taxable bank account, for instance, you draw the £6,000 a year until it runs out. You then draw taxable income from the balance of the pension. ...
Five-minute guide to the new personal £1,000 allowance image
Source : Daily Express [Read Article] Sunday 21st of February 2016 12:01:00 AM
....If you complete a self-assessment tax return, any tax owed will be repaid this way instead. Savers with total taxable income of less than £17,000 a year should not be paying tax on their savings anyway. ...
Revealed: how Project Goldcrest helped Amazon avoid huge sums in tax image
Source : Guardian [Read Article] Thursday 18th of February 2016 01:44:51 PM
....Following the LuxLeaks revelations in 2014 concerning Luxembourg’s controversial tax deals with multinationals, Juncker distanced himself from controversial tax rulings of this kind, claiming that the finance ministry, which he ran until 2009, was not involved in the deals. Antoine Deltour, the former PricewaterhouseCoopers auditor and the source behind the LuxLeaks scandal in 2014, says details of Project Goldcrest raise serious questions about the legality of a scheme of this kind owing to doubts over whether or not Amazon correctly states its taxable income in the US. ...
As the rich get richer everyone else gets less happy image
Source : Guardian [Read Article] Tuesday 16th of February 2016 01:39:09 PM
....We started our research by asking if income inequality at the very top really matters to the life satisfaction of the average person in a country – the results show that there is a correlation between the two. Using data from the World Top Incomes Database and the Gallup World Poll, we compared the share of taxable income held by the top 1% in each country with reported levels of life satisfaction over the last 30 years. ...
 A flat rate of pension tax relief will be 'economically incoherent' image
Source : Telegraph [Read Article] Wednesday 3rd of February 2016 05:15:56 PM
.... . There are strong rumours that the current system of allowing pension contributions to be deducted from taxable incomes and thereby giving relief to contributors at their highest marginal tax rate (usually 40 or 45 per cent for higher earners) will be replaced by what is often termed a “flat-rate tax relief” of around 30 per cent. ...
Big business accused of using 'straw man' arguments against tax avoidance crackdown image
....Big businesses and the federal Treasury are setting up “straw man” arguments against a tougher crackdown on multinational tax avoidance, the Tax Justice Network says, advocating Labor’s policy as “just the beginning” of sweeping changes that would force companies to pay fair rates of tax in Australia. In submissions to a parliamentary economics committee examining whether tightening personal and company tax deductions could help fund a cut in tax rates, the Treasury and peak business organisations argue that removing the ability of companies to deduct interest payments from their taxable income would be bad for the economy and force investment offshore. ...
Record $800m Powerball jackpot will be a major win for the IRS image
Source : Guardian [Read Article] Friday 8th of January 2016 10:15:49 PM
....Before the winner (or winners) will get to see their money, the government will claim 25% of the winnings, according to CNN Money. Lottery winnings are considered taxable income and the 1% – to which the winner will belong to – are taxed at 39. ...
Related to :
Bid to stamp out corporate tax avoidance unites Westminster parties image
Source : Guardian [Read Article] Saturday 26th of December 2015 10:10:37 PM
....It was also revealed last week that five of the largest banks in the UK – JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley – legally paid no corporation tax in 2014, though they made billions in profits. The banks offset past losses against their taxable income. ...
Five banks paid no 2014 corporation tax image
Source : BBC [Read Article] Wednesday 23rd of December 2015 09:13:20 AM
....JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley paid no corporation tax at all, the news agency said. The banks offset past losses against their taxable income for 2013-14. ...
Anger at City banks paying little or no corporation tax image
Source : Guardian [Read Article] Tuesday 22nd of December 2015 07:56:40 PM
....Low tax bills for banks are in large part a legacy of huge losses reported in the years since the banking crash of 2008. Those losses created an unprecedented stockpile of tax credits, which banks have been using to offset against taxable income as they have moved back into profit. ...
Personal tax accounts launched by HMRC image
Source : BBC [Read Article] Monday 14th of December 2015 12:58:33 PM
...."Self-assessment for individuals and small businesses (including companies) will work through digital tax accounts, so there will be no need for them to send in annual tax returns," an HMRC spokesman explained. "Obligations on customers, such as to inform HMRC of taxable income or to provide information relating to that income, will not change where HMRC does not have the data from another source. ...
Cashing in on driveways and spare rooms: the UK's sharing entrepreneurs image
Source : Guardian [Read Article] Wednesday 25th of November 2015 08:20:31 AM
.... “The first £4,250 of income received is exempt from income tax, increasing to £7,500 from 6 April, 2016. However, you are unlikely to qualify for this relief if you derive taxable income from renting out other parts of your house, such as your driveway or attic. ...
Paragon hikes dividend on buy-to-let boom image
Source : Telegraph [Read Article] Tuesday 24th of November 2015 11:19:19 AM
.... . The tax changes for landlords in the summer Budget - which remove the ability to deduct mortgage interest payments from rent when calculating taxable income - have not yet had an impact as they come with a six-year deferral period, said Paragon’s boss Nigel Terrington. ...
'Why am I being charged an emergency tax rate to withdraw my pension cash?' image
Source : Telegraph [Read Article] Thursday 15th of October 2015 07:15:38 AM
.... . If you haven’t previously taken a taxable income from the pension, HMRC insists that an emergency tax code is applied to a payment, as if it were the first of a series of income payments. ...
Top 11 questions people ask about pensions  image
Source : Telegraph [Read Article] Friday 9th of October 2015 12:28:51 PM
Selling your buy-to-let? Here are some tricks to cut your tax bill  image
Source : Telegraph [Read Article] Saturday 26th of September 2015 07:06:00 AM
Coca-Cola hit with $3.3bn bill for back taxes image
Source : Telegraph [Read Article] Friday 18th of September 2015 09:13:35 PM
.... . The maker of Sprite, Dasani, Powerade and other drinks said the disagreement is over how much it should report as taxable income in the US, in relation with licensing that allows its foreign affiliates to sell products like soft drink concentrates to bottlers overseas. ...
How can we reduce the capital gains tax on an inherited house? image
Source : Guardian [Read Article] Thursday 3rd of September 2015 06:00:02 AM
.... The amount left after taking off the CGT exempt amount is what you pay tax on. If you pay income tax at 20%, you’ll pay CGT at 18% but the CGT will be 28% if you pay tax at the higher rates or if, when added to your taxable income, your gain takes you over the higher-rate tax threshold. ...
The curious incidence of taxing companies image
Source : Independent [Read Article] Sunday 16th of August 2015 10:19:04 PM
....Many on the left, such as supporters of the Labour leadership contender Jeremy Corbyn, are in favour of raising corporation tax so companies pay their “fair share” to the Treasury’s coffers. But companies are not individuals with a taxable income in their own right. ...
Uncertainty over 'Brexit' likely to delay investment in UK, Irish IDA chief warns image
....The double Irish loophole allows US companies to reduce their tax bill far below Ireland’s 12. 5% corporate tax rate by shifting most of their taxable income from an operating company in Ireland to another Irish-registered firm in an offshore tax haven such as Bermuda. ...
New dividend tax: How it works and how to avoid it image
Source : Daily Express [Read Article] Thursday 9th of July 2015 05:35:00 PM
....• Reduce other incomeDividend tax is linked to the rate of income tax you pay, so look to move down a tax band where possible. For instance, in some cases taxable income for a particular year could be reduced. ...
Everything you need to know about tax-free pension cash image
Source : Telegraph [Read Article] Tuesday 30th of June 2015 07:21:13 AM
.... From the £25,000, which goes into a taxable bank account, for instance, you draw the £6,000 a year until it runs out. You then draw taxable income from the balance of the pension. ...
Bill Shorten demands Tony Abbott rule out iron ore price inquiry image
Source : Guardian [Read Article] Wednesday 20th of May 2015 02:00:07 PM
.... I have never seen multinationals fighting so hard against the cause of transparency,” he said. And he linked the issue to separate revelations to a Senate committee on corporate tax avoidance about the big miners reducing their taxable income through complicated international structures. ...
Is this pension trick 'too good to be true'? image
Source : Telegraph [Read Article] Thursday 14th of May 2015 06:30:39 AM
.... They could then withdraw £3,600 once the tax relief had been added to it. They would receive £900 taxfree and the extra £2,700 withdrawn is added to their other taxable income and taxed as income. ...
Source : BBC [Read Article] Wednesday 15th of April 2015 05:37:33 AM
....Women would also be paid pension funds and the whole scheme was to be funded by a 1. 5% levy on companies with taxable incomes in excess of A$5m ($3. ...
Used the new pension freedoms? How to claim back excess tax in 30 days   image
Source : Telegraph [Read Article] Monday 13th of April 2015 07:00:17 AM
.... . If you took your whole pension pot at once and you have other taxable income, you need to fill in a form called a P53Z. ...
Non-doms: who they are and why Labour wants to scrap their tax privileges image
Source : Independent [Read Article] Wednesday 8th of April 2015 10:08:13 AM
.... But large parts of their income elsewhere is not counted for tax in the UK, unlike in the US, where residents pay US tax on all of their earnings. Some non-taxable income could make it back into the UK anyway. ...
Easter bunnies, chocolate eggs … and a whole host of personal finance goodies image
....Those with incomes above £100,000 will lose the personal allowance at the rate of £1 for each additional £2 they receive. You can check your taxable income on the government’s website. ...
'Can I invest in a Sipp at 69 and still get full tax breaks?' image
Source : Telegraph [Read Article] Thursday 2nd of April 2015 02:00:35 PM
.... READ: How flexible pensions will work – and the charges to expect . While this would not directly reduce your personal tax liability, your wife would receive basic-rate tax relief at source on the contribution, so she would get an additional £720 even if she had no taxable income. ...
Buying a dream car or holiday? Check to see how much tax you'll pay image
Source : Telegraph [Read Article] Wednesday 1st of April 2015 06:20:12 AM
.... . Its figures show that an individual with a taxable income of £30,000 and a pension pot of £60,000 receives just £44,000 of the pension if he cashes it in in one go. ...
'Can I transfer my frozen final salary pension to my children?' image
Source : Telegraph [Read Article] Friday 27th of March 2015 10:39:27 AM
.... From April 6 this year, if you were to transfer this final salary pension to a personal pension or stakeholder pension, and you died before age 75, the value could be paid to the beneficiaries of your choice tax-free. Upon death after age 75, the pot could still pass to your children but would be subject to an income tax charge, the amount of which would depend upon their other taxable income and the amount of money they withdrew per tax year. ...
Budget 2015 – what it means for you: The key points explained, from Fuel Duty to Help-to-Buy image
....Nineteen out of 20 savers will benefit from the new personal savings allowance when it comes into effect in April 2016. In the last Budget the Chancellor said that those with a taxable income of less than £15,600 won’t have to pay tax on their savings interest from this April. ...
Midweek Money: The end (of the tax year) is nigh: act now image
Source : Independent [Read Article] Wednesday 4th of March 2015 11:05:03 AM
.... . You’ll be able to take the whole lot in one go, take smaller sums when needed or take a quarter tax-free and a regular, taxable income from the rest. ...
Money round-up video: Life company admits overcharging policy holders image
Source : Independent [Read Article] Tuesday 3rd of March 2015 01:38:12 PM
.... From 6 April, people aged 55 and over will be able to choose what to do with the cash in their pension pot rather than being forced to buy an annuity. You’ll be able to take the whole lot in one go, take smaller sums when needed or take quarter tax-free and a regular taxable income from the rest. ...
The tables that reveal your tax bill on pension withdrawals image
Source : Telegraph [Read Article] Tuesday 3rd of March 2015 07:18:26 AM
.... You can earn up to the personal allowance, £10,600 for 2015-16, tax-free each year. But don’t forget income from other sources also counts as taxable income. ...
Live the high life! Plan ahead to cut your tax bill in retirement image
Source : Daily Express [Read Article] Sunday 1st of March 2015 11:52:00 AM
....from pension totally income However, people who take early retirement before their state pension kicks in may be able to take more free of tax, Smith says. "Assuming they have no other taxable income, they can take out £14,133 from their pension pot tax free, made up of £10,600 (their personal allowance), plus 25 per cent of the lump sum, which equals £3,533. ...
Buy-to-let landlords: act now or lose £1,500 tax perk image
Source : Telegraph [Read Article] Saturday 21st of February 2015 08:03:34 AM
.... £1,500 from landlord tax breaks. You could deduct the cost of the works from your annual taxable income. ...
FCA joins HSBC tax-dodging inquiry image
Source : BBC [Read Article] Monday 16th of February 2015 03:52:43 PM
...."The FCA is working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed," said the FCA. The announcement is the first official indication by any UK regulator or authority that it may investigate the role of the bank, rather than just the individual customers who hid taxable income abroad. ...
Beware the tax sting when you take your pension cash  image
Source : Telegraph [Read Article] Monday 26th of January 2015 08:22:04 AM
.... . The key to understanding when you could be overtaxed is recognising that money taken from pensions will be added to your taxable income for that period and taxed at your marginal rate. ...
Millions with multiple incomes at risk of shock tax bills image
Source : Telegraph [Read Article] Friday 16th of January 2015 10:00:34 PM
....” . Industry sources suggest at least three million people in the UK have more than one source of taxable income. ...
Hide income and the HMRC will go after you image
Source : Daily Express [Read Article] Wednesday 7th of January 2015 01:23:00 PM
. Amanda Vigar, managing partner of chartered accountants V&A Vigar Group, says you must declare all sources of taxable income: "If you own a rental property, such as a buy-to-let, you have to declare the income from your tenants. ...
Disney and Skype 'used Luxembourg tax deals' image
Source : BBC [Read Article] Wednesday 10th of December 2014 11:59:18 AM
....In some cases, companies enjoyed tax rates of less than 1% on profits moved into the country. Disney established an inter-company bank in Luxembourg which then extended high-interest loans to operating affiliates in countries such as France, reducing their taxable income, the ICIJ said. ...
'I'm facing a compulsory purchase order on my buy-to-let. Will I have to pay CGT?' image
.... Nimesh Shah, a partner at Blick Rothenberg, the accountancy firm, said for capital gains tax purposes, the sale is treated in the same way as any other buy-to-let property. The gain, minus costs such as agent and solicitor fees, is taxed at 18pc or 28pc, depending on your other taxable income. ...
'How do I protect money lent to my parents in the form of an equity release mortgage from my siblings?  image
.... . If the reader does decide to charge her parents interest on the loan, but rolls this up until the loan is repaid by her parent’s estate, then the interest would be treated as her taxable income in the tax year in which it is actually paid, Mr Butler said. ...
I'm a buy-to-let investor – could I pay less tax by setting up a limited company? image
.... . Any capital gains will be taxed at either 18pc or 28pc, or a combination of the two, again depending on the level of your taxable income. ...
Tax rises: how the Coalition spared those in the middle image
Source : Telegraph [Read Article] Friday 7th of November 2014 08:04:45 PM
.... So what have the changes to taxes and benefits since the great recession done to our incomes? . Well, the increase in the personal allowance has helped most basic-rate taxpayers – those with taxable incomes of up to about £42,000 – to the tune of about £545 a year. ...
Argentina suspends Procter & Gamble operations in 'tax fraud probe' image
Source : Independent [Read Article] Monday 3rd of November 2014 11:36:08 AM
....Argentina has suspended Procter & Gamble operations in the country, accusing the American consumer products giant of tax fraud. In a statement released on Sunday, the AFIP tax agency accused the company of over-billing $138 million in imports to funnel money out of the country and hide taxable income. ...
Voters to get letters showing how much of their money is spent on benefits image
Source : Telegraph [Read Article] Sunday 2nd of November 2014 10:00:00 PM
.... . Of the taxable income, £3,442 goes to help fund the NHS and just £538 of a £60,000 salary goes to transport projects. ...
My tax code is wrong. How do I fix it? image
Source : Telegraph [Read Article] Friday 31st of October 2014 08:17:24 AM
.... . David Whiscombe, tax technical director at BKL Tax, said a “K” code is issued where a PAYE taxpayer has other taxable income which exceeds the personal allowances to which he or she is entitled. ...
'Can I sell my land in Ireland free of UK tax?' image
Source : Telegraph [Read Article] Wednesday 15th of October 2014 07:05:30 AM
.... The first £11,000 of total gains in 2014/15 is exempt. The current rate of capital gains tax in the UK is 18pc, 28pc or a combination of the two, depending on your levels of other taxable income. ...
Ireland to close double Irish tax loophole image
Source : Guardian [Read Article] Monday 13th of October 2014 03:50:32 PM
....The double Irish loophole allows US companies to reduce their tax bill far below Ireland’s 12. 5% corporate tax rate by shifting most of their taxable income from an operating company in Ireland to another Irish-registered firm in an offshore tax haven such as Bermuda. ...
Bono: controversial tax laws have brought Ireland the only prosperity its ever known image
....The Double Irish loophole allows US companies, mostly in the technology and pharmaceutical sectors, to reduce their effective tax bill far below Ireland’s already generous 12. 5% corporate tax rate by shifting most of their taxable income from an operating company in Ireland to another Irish-registered firm located in an offshore tax haven, such as Bermuda. ...

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