A tax-avoidance wheeze — one that is thought to allow the likes of Google, Facebook and Microsoft to save hundreds of millions of dollars legally — could start to be shut down as early as today when Dublin announces its annual budget.
Companies using the contrivance, known as the “Double Irish”, will almost certainly be given some breathing space.
Peter Cussons, a tax partner with the accountants PwC, said the Irish Republic was likely to address the issue, but he added: “I’d be astonished if they shut it down overnight. I think that as the host state they would give people at least a year to restructure.”
Michael Noonan, the Irish finance minister, is under pressure to stop the Double Irish, which is thought to