Saturday March 28, 2020

State's €600m to help multinationals pay foreign tax bills

Revenue Commissioners have refunded companies to help them settle overseas tax liabilities

12th November, 2017
European tax commissioner Pierre Moscovici

The state has paid out almost €600 million to multinationals to help them pay off tax settlements in other jurisdictions, The Sunday Business Post can reveal.

The sums, known as ‘correlative adjustments’, occur after a company reaches a tax settlement with another jurisdiction and revises its Irish profits downwards in order to meet its obligations in that country.

A corresponding increase in profit, and taxation, then occurs in that jurisdiction.

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