Raiméis

… is what some are calling it. I’m referring to the IDA’s policy of attracting foreign investment by dropping corporate tax to a mere 12.5% (compared to 35% in the US). This issue has been covered a number of times on Techdirt, they looked at both Microsoft & Google who have set up here for the tax savings. The issue is on Techdirt yet again today with the news that the Microsoft subsidiary Round Island One, the tiny Microsoft company that licenses software for Europe, the Middle East and Africa, is the most profitable company in Ireland making a profit of €3.2 billion for the year to June 30, 2004.
Of course Google and Microsoft are only two of the big US names which have set up here over the years, the IDA policy is obviously paying dividends. And as reported yesterday the unemployment rate in Ireland is now the lowest in the EU!