Tax Avoidance
In 2008, in reaction to new taxation measures announced by the Labour Party in the treatment of royalties on patents, the company moved its tax domicile to Dublin, Ireland. Effected through the creation of a new holding company in St Helier, Jersey in the Channel Islands, it will pay reduced tax on global earnings, where royalties on patents lodged in Ireland are tax free.
Read more about this topic: Shire Plc
Famous quotes containing the words tax and/or avoidance:
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)
“Tax avoidance means that you hire a $250,000-fee lawyer, and he changes the word ‘evasion’ into the word ‘avoidance.’”
—Franklin D. Roosevelt (1882–1945)