The European Union has released a blacklist of 17 tax havens countries after 10 months of research and analysis (there's also a grey list for those in the process of changing and a 'Hurricane' list for those who can't change yet for meteorological reasons) However, famous EU member tax havens such as Luxemburg Ireland and the Netherlands, along with British overseas such as Bermuda or the Cayman islands are not on this blacklist. Any thoughts ? I'm thinking the exclusion of the British overseas has to do with the Brexit
I know that everyone on Reddit “hates big corporations” and hates people who make more money than them but I personally feel that in some situations that they’re a good thing. In Ireland with the corporation taxes being so low we have many businesses like Apple (and at one point dell) coming over and settled up shop here. While this can be seen to the common eye as being “pro corporations” and “UnAmerican” over here it’s actually a good thing. Ireland isn’t exactly the biggest country and it’s not like we can just magic up resources out of thin air. So these businesses actually create something called JOBS that supply thousands upon thousands of people with jobs. So removing this would effect Irelands very good UNEMPLOYMENT RATE. Tldr don’t be a fat ignorant American and realize that the world doesn revolve around you and your anti corporations bullshit. They have supplied many family and friends with jobs.
Earlier this week on Wednesday July 15 2020, the European Union's General Court in Luxembourg ruled that the Republic of Ireland did not give illegal tax benefits or state aid to Apple and overturned the order by the European Commission that Apple must pay €13.1 billion to the Irish government in back taxes. Although this ruling may still be appealed to the EU's highest court (Court of Justice of the European Union) meaning the final outcome of this case could take a few more years to be decided, this is a huge victory for Ireland and Apple and a major setback for the EU competition commissioner Margarethe Vestager and her long-term crusade against tax havens in Europe.
https://www.irishtimes.com/business/economy/ireland-wins-appeal-in-13-billion-apple-tax-case-1.4305044
In recent years, the Republic of Ireland has earned a reputation among economists as one of the largest tax havens not only in Europe but also the world. For context on the Irish economy, American-controlled multinational corporations make up half of Ireland's largest companies, pay vast majority of Ireland's corporate taxes, and employ 10% of Ireland's workforces. Ever since the recovery of Irish economy after the EU debt crisis, the US investment in Ireland has been a vital part of its economic growth. For example, Apple's restructuring in 2015 allowed Ireland to say that its GDP increased by 34.4% !!!! in 2015 alone in an event referred to by Keynesian economist Paul Krugman as Leprechaun economics.
Other major tax havens in Europe besides Ireland include The Netherlands, Switzerland, Luxembourg, Malta, and Cyprus.
For example, The Netherlands has cost other EU countries $10 billion in lost corporate tax a year with Italy and Spain among the biggest losers. In September last year, similar to the Irish case, the EU General Court has also ruled in favor of Starbucks and the Netherlands and against EU Commission's demand that the coffee chain pay €30 million in back taxes to the Dutch government.
https://www.irishtimes.com/business/agribusiness-and-food/eu-court-rejects-order-that-starbucks-must-pay-dutch-back-taxes-1.4028588
What does this major development mean for the future of tax havens in Europe and the rest of the world?
Edit: formatting
