Obama to outlaw offshore tax havens

President Obama has made his first move to outlaw offshore tax avoidance schemes by US corporations with overseas divisions.

This could have serious financial consequences for the economy as US corporations have long used Ireland as a profit/tax laundering base to avoid paying billions in tax obligations.

In an RTE interview in February 2008 Prof. Anton Murphy of TCD said such activities gave Ireland a Cayman Islands type financial reputation and added that the Government, political parties, the IDA and other State agencies are effectively colluding in this profit laundering but because of various short term interests nobody is saying anything.

Perhaps they will have something to say now.

3 thoughts on “Obama to outlaw offshore tax havens”

  1. Well. Good News……apparently Mary Coughlan is on ‘stand-by’ “monitoring the situation”

    God help us!!!

  2. I have tried to post a comment here and every time I try it refreshes the comment or provides an error. Do you think the author possibly check into the reason there is a problem?

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