Goodman profits from tax-free patents
A company owned by beef magnate Larry Goodman made profits of more than €7 million in two years from the ownership of patents in the meat processing industry.
Irish Food Processors Investments is a patent company so all its earnings are tax free. It made a pre-tax profit of €4.3 million, having made €3.1 million the previous year, according to accounts just filed for the year to April 2006. Almost all of its patent income gets turned into tax-free profit.
As of last April, the firm was owed a further €10.9 million in revenues from other Goodman group companies which pay to use the...
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