Aren't legal loopholes fun? Here's just a few:
-tax evasion by big businesses.
-American companies with a PO Box in Ireland or the Cayman Islands don't pay income tax.
-federal bailout money.
-offshore non-disclosing bank accounts.
-eminent domain.
-if a neighbor moves their fence line and you don't notice after several years, the property becomes theirs.
-client/doctor privilege.
-diplomatic pouches.
-"made in" labels, based on if merely 40% of the product was made in one country.
-"rational use" clauses for illegal, unreported & unregulated fishing (IUU).
-cars insured in Florida for cheap rates but driven in NYC.
-"pre-existing condition" that insurance companies don't have to pay on.
-adopted child "re-homing" (trafficking).
-limited liability corporations.
-Fraternal Order of Police "courtesy card" to evade tickets (a.k.a. Police Benevolent Association).
The philosophy is made fun of in movies like "Chicago" or "Wolf of Wall Street".
It really makes you wonder why people choose to obey the rules...
You can't avoid paying Irish Corporation tax by having a PO box in Ireland.
ReplyDeleteAmerican companies with operations in Ireland pay taxes. Companies like Intel, Pfizer, HP, Amazon, PayPal etc are large employers here. It's not simply taxation related. If you want to operate a large data centre or a pharma manufacturing plant for example access to cost effective renewable energy is important. We do that well here.
If you are operating a business in Europe Ireland offers great air access, a pool of available employees with language skills and Eurozone access.