State's €600m to help multinationals pay foreign tax bills
Revenue Commissioners have refunded companies to help them settle overseas tax liabilities
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.
In turn, the ...