Update: Live coverage of the Senate hearing on Apple’s offshore tax practices is above.
As things heat up in the row on alleged tax avoidance by Apple, Ireland has denied a claim made by the Senate Permanent Subcommittee on Investigations that it had agreed a special deal with the company to allow it to pay corporation tax of just 2% on its Irish earnings.
The denial was made to Yahoo! Finance reporter Conor Humphries:
According to the congressional report, Ireland had also agreed a special 2 percent rate for Apple’s Irish taxable profits instead of the normal 12.5 percent, but a spokesman for Ireland’s finance department, when asked how and why this had come about, said: “Ireland’s tax system is statute based, so there is no possibility of individual special tax rate deals for companies.”
This appears to flatly contradict a statement by the Senate subcommittee that accused Apple of … expand full story