According to the indo yesterday, an American company heavily implicated in knocking off clearys are registered for tax purposes here. They, despite a multibillion valuation, paid 214 euro in tax last year.
They received a grant from our lovely government, however, of 50 million euro. They have invested nothing in the state since.
Thatâs why we are the best small country in the World to do business in
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Have a good read of this.
Section 110, Irish Charities, Vultures, NAMA, Tax Avoidance
Particularly the last page or so.
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Most of them donât really âinvestâ anything in the state anyway. Itâs all about the tax scam. $311 billion of âinvestmentâ in Ireland supports 108,000 jobs. In Germany, $115 billion US FDI produces 613,000 jobs. Thatâs from the American Chamber of Commerce Irelandâs own report published this year. US FDI has doubled since 2007, yet the number of jobs added is only 11,000. It is a sickening racket.
Have a look at the IT Top 100 âIrishâ companies. Look in the turnover and number of staff columns. Fucking sickening really. Check out Eaton Corp and Benex as prime examples. The Cayman Islands would blush at it.
Crazy when you look at the top American tax evaders and under headquarters you see Bermuda, Panama, and Ireland over and over again. The worst of it is our own politicos throwing these numbers at us like they are proof of economic success, and the likes of the times reprinting it. Not only is the whole thing the height of cuntishness anyway, basing your long term economic strategy on a tax scam is utter lunacy. I suppose it is easier than building a real export economy though.
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was it you said before about the lack of patents filed by irish companies? Did you ever come back to us about the few examples we gave of irish companies that had definitely filed patents(we thought)âŚI thought it was a very good point you made, if it was actually correct.
I donât recall. The point I was making is that they arenât research focused and arenât producing patents as part of normal activities, not that they have never filed any patents ever. Most of our biggest exporters are in food, low-tech manufacturing etc., low R&D intensity and low value add. Kerry would be our biggest spender in that respect and i imagine Glanbia are in there too somewhere. The EPO data shows that our patenting activity is extremely low, but the private investment in particular isnât there so we canât be too surprised.
Yeah kerry, glanbia and Smurfit Kappa were three that came to top of my head anyways, Ardagh as well maybe.
Iâm picking my way through this, itâs a blatant abuse of the tax code by Revenue with the support of the current government on the face of it. Can you explain what benefit accrues to the charity from allowing the vulture fund use itâs Section 110 vehicle? Is there a payoff to the charity involved??
(Apologies if Iâve missed the explanation for this in the link)
Beggars belief, I read through that last week and the only thing I can think off is that itâs an under the counter deal with these funds so that they âoverpayâ to make it look like NAMA turns a profit.
Iâd assume they are just entities registered as charities to facilitate this.
NAMA will be the biggest scandal this country has ever seen. Not so much it, but the companies and people dealing with it.
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Without a doubt.
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Unbelievably corruptâŚNAMA is a blight on our country,
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As in the âcharityâ is just a shell company in essence? Itâs a breathtaking scam when you get the detail of it. How the fuck have FF not gone to town on this 
FF are up to their necks in it along with all the main partiesâŚwhatâs worse is the nationalised banks ripping people off with extortionate mortgage/loan rates yet the taxpayer is to be the supposed main shareholder.
Only in Ireland.
Talking about Shell is immaterial, that ship sailed a long time ago.
I donât know enough about it and itâs quite complicated stuff, but it sure doesnât look great.
I canât stop reading this now. In answer to my own question, the charities have been set up by the law firms
Oaktree Capital Managementâs Section 110 vehicles in Ireland, whose equity is âownedâ by Irish Law Firm Mathesonâs three in-house charities - Medb, Badb and Eurydice)
Mad stuff Ted
Thanks for posting that pal. Sickening shit, but entirely unsurprising. My utter contempt for politics in Ireland is further deepened.
The fact that Matheson use 2 goddesses from Irish mythology (the Badb and Medb) as names of their âcharitiesâ galls me even more. @ChocolateMice might be able to confirm this, but the Badb is said to have prophecised an evil time, with every man a betrayer. Go figure.
Edit: found the reference to the Badb here http://www.ucc.ie/celt/published/T300011.html - scroll to bottom.
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Scheme probably introduced during their reign!
Seems only to be these funds who have abused it so have to assume they got the go ahead