Business & Finance
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Ireland 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)
The government has bolstered some of the support systems it introduced recently for businesses in the Principality.
Banking giant Barclays has announced the launch of a £100 million package in an effort to help those most affected by the Covid-19 epidemic.
The Maltese Communication Authority has approved a €250 million corporate contract between Monaco Telecom and Malta’s leading telecommunications company, Vodaphone Malta.
Monaco is reopening the Larvotto construction site to workers, saying the beach project is “essential for the development of the Principality”.