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Is Etsy’s Irish HQ choice crafty?
Key points
- Etsy has been criticised for its low 2020 tax bill.
- Like other large multinationals Etsy actively seeks to minimise its tax.
- The company’s US headquarters are in Delaware and its EMEA headquarters are in Dublin – which has a corporation tax rate of 12.5%.
- Ireland has had a stable headline corporation tax rate of 12.5% but many US multinationals have enjoyed very low effective tax rates using tax schemes (now mostly defunct).
- Journalists sometimes lack an understanding of tax and many seem to favour worldwide uniformity in tax.
- The UK increasing corporation tax to 25% from 2023 will put off businesses.
‘The online marketplace Etsy paid just £128 000 in corporation tax in the UK in 2020 despite racking up sales of $195.8m (£160m) as it funnelled business through Ireland.’ This is the opening line of a recent article in the Guardian which states that ‘the Brooklyn-based...
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