Breaking News

3 new cases of Covid-19 on 19 Oct. in Monaco brings total to 268: 11 hospitalised - 4 residents, 4 in ICU - 2 residents, 38 home monitored, 222 healed, 1 resident death

Ireland blacklisted as tax haven

Ireland blacklisted as tax haven

By Staff Writer - September 19, 2016

blacklistIreland has been added to a ”blacklist“ of tax havens by the Department of Federal Revenue of Brazil just weeks after the European Commission ordered Apple to repay €13 billion in back taxes to the State. Among 67 nations on the list, Monaco also appears, despite strenuous efforts over the last few years to establish the Principality as fully compliant with transparency norms.

It is understood the decision to place Ireland on the list will have immediate implications for transactions between the two countries.

Grant Thornton tax partner Peter Vale said Ireland must strongly rebuff the decision by Brazil.

“We have, and it’s acknowledged by the OECD, one of the most transparent tax systems in Europe, if not the world. If having a low tax rate means you’re a haven, then perhaps.

“Most of the rationale and the basis for people calling it a tax haven is to do with structures that we have outlawed in response to the noise around it, while we would have strongly held the view that it wasn’t an Irish issue,” he said.

Ireland’s addition brings the total number of countries and dependencies listed as havens by Brazil up to 67. Also included on the list are Panama, the Isle of Man and Monaco. The Irish State appeared on the list on Tuesday, September 13.

Whether or not its presence on the list is due to the Apple Tax ruling is unclear. (Source Irish Independent)

shares
SHARE
Previous articleIAEA briefs Prince on priorities
Next articleBackes & Strauss to showcase in Monaco

daily

October 16, 2020 | Business & Finance

Monaco-owned port in Italy opens for business

Stephanie Horsman

The highly-anticipated Cala del Forte port in Ventimiglia, intended to handle overflow from the Principality, is now officially open, marking a new era for the Italian seaside town and Monaco.

0
Stephanie Horsman

The government has offered a “practical guide” for economic recovery in the Principality, vowing to protect employees as well as assist companies in trouble.

0
October 14, 2020 | Business & Finance

Monaco start-up spearheads water conservation efforts

Stephanie Horsman

FGWRS, a MonacoTech-supported start-up, is behind a new technology used by French Open players to convert “grey water” into usable non-potable water for showers and toilets.

0
Cassandra Tanti

A new report has revealed that HNWIs, families, family offices, and foundations plan to almost double their allocation to impact investing by the year 2025.

0