Ireland’s finance minister Michael Noonan sounded the death knell for the controversial "Double Irish" tax scheme as the scheme will no longer be available to companies establishing operations in Ireland from January 2015.
The G20 group of powerful economies has commissioned the Organization for Economic Cooperation and Development to produce a package of tax reforms to rein in multinationals.
"Double Irish" tax scheme
Several giants including Apple Inc. (NASDAQ:AAPL), Google Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT) employ an accounting method called “Double Irish with a Dutch Sandwich” to evade taxes. The method leverages multiple international laws to avoid taxes. Apple Sales...
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