IRC pays $ 315 billion net profit for Microsoft’s Irish subsidiary – tax

IRC pays $ 315 billion net profit for Microsoft's Irish subsidiary - tax

Microsoft Round Island One, an Irish subsidiary of Microsoft, made a profit of $ 315 billion in the fiscal year ending June 2020, but did not contribute any dollars to the IRC because it was financially settled in Bermuda, according to Guardian entry.

Although the company has no employees other than its directors, the subsidiary’s profits represent about three – quarters of Ireland’s gross domestic product (GDP) (approximately US $ 437 billion).

This subsidiary operates to charge a license fee for the use of copyrighted Microsoft software. Doubtful profits were less than the $ 10 billion achieved in the last fiscal year.

The official official address of Microsoft Round Island One is a law firm with offices in Dublin, as the tax return for the last fiscal year indicates, “Profits are not taxable because it is a tax resident in Bermuda.” Bermuda does not impose business tax.

The Guardian adds that during the dubious financial year, the subsidiary parent company (Microsoft Corporation) paid $ 24.5 billion in dividends, followed by $ 30.5 million in additional dividends to shareholders.

The news comes on the heels of a meeting of G7 finance ministers in London this Friday and Saturday, at a meeting in which they believe an agreement could be reached on creating a global minimum corporate income tax to ease the exemption. Corporate tax planning.

The U.S. government, led by President Joe Biden, is spearheading the process of creating a minimum corporate tax to combat “tax avoidance” measures. Ireland is one of the countries in the European Union with the most favorable governance for multinational corporations, allowing them to concentrate profits on other jurisdictions there and to benefit by reducing the tax burden.

READ  Gavin & Stacey will be back with future episodes

The Guardian reports that the U.S. Senate has previously investigated Microsoft’s activities in Ireland. The American tech giants known as the “Big Six” (Microsoft, Amazon, Facebook, Alphabet, Netflix, Apple) have already been accused of paying $ 96 billion in taxes over the past decade. Related activities.

Written By
More from Scout Mitchell

Sunil Chhetri: Together with prayers, flood-hit Assam wants notice & assistance

Sunil Chhetri scored a brace to help India conquer Kenya on Sunday.IANS...
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *