Accenture switches tax havens
Good news for Ireland
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Accenture, the outsourcing giant, is switching its accounting base from Bermuda to Ireland, amid growing policial hostility towards tax havens and tax avoidance.
Announcing the move on Tuesday, Accenture said it does not expect any impact on its financial results or tax treatment.
Accenture chairman William Green said: "A member of the European Union, Ireland offers a sophisticated, well-developed corporate, legal and regulatory environment.
"It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Accenture does business."
The Obama administration is set to bring in laws to clamp down on avoidance, which is prompting many large firms to look to sympathetic tax regimes in Europe. In its regulatory filing, Accenture said the new laws had in part motivated its flight from Bermuda.
Unlike Bermuda, Ireland has tax treaties with the US, which Accenture believes will bring it "economic benefits" as the new rules bite.
Ireland, which has long sought to attract technology firms with tax breaks, is expected to benefit from the US clampdown, along with Switzerland. ®
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COMMENTS
@Plus ça change...
Maybe I should have said Mary Celeste, in place of Titanic, seems more appropriate.
@Plus ça change...
Yes they still run the 'school' or as you more correctly identified it, the brain washing facility out at St Charles. They still had out that tome of a corporate history which you are expected to make your bible (or a handy stepladder).
They say this move isn't going to hurt their bottom line, but that's probably got more to do with the huge round of layoffs they are making right now. The killing fields etc
All aboard the Titantic 2, sailing from Bermuda to Ireland.
hmm - that's not what they used to say
As an ex employee, I remember them suggesting that it was maintained there so as not to favour a key client state - poor excuse.
Now, one interesting thing this might do is encourage greater shareholder turnout at the AGM. I remember reading the notes of one AGM that was attended by just 20 people - all senior board members. If they host it in Dublin, i'm going. Could get interesting....
Paris 'cause she knows a good powerpoint when she sees one.
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