Twitter saves money on US taxes with Irish operations

Oct 21, 2013
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Twitter saves money on US taxes with Irish operations

Unless you are familiar with the inner workings of the corporate world, you may not realize that the way some major technology firms in the US avoid paying so much in taxes is by setting up some operations in the country of Ireland. One of the companies that does this is Apple, which is reportedly saved over $74 billion in corporate taxes since it moved some assets to its Irish operations.

Apple certainly isn't the only technology from the US putting some assets and Ireland to avoid taxes, Twitter is also reportedly doing the same thing. However, Twitter's Irish operation reportedly isn't a shell company that exists simply on paper. Twitter is said to employ about 100 people in Dublin Ireland and is looking to expand.

Twitter has an office at 42 Pearse St. with directors in California and in the form of a couple of attorneys from an Irish agency working for a company called Twitter International Company. Members of the legal firm reportedly listed on paperwork for Twitter's Irish operations are from a firm called Matheson Ormby Prentice that firm is said that specialize in tax saving services for American companies.

Another trick twitter reportedly used was listing its international arm Secretary as a corporate trust called Matsack, which is a subsidiary of the Matheson legal firm that serves as secretary for over 1000 other companies. Some of the other major US tech companies using the same tax avoidance schemes reportedly include Google, Apple, Facebook, LinkedIn, and others.

SOURCE: Valleywag


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