FT.com / Companies / Insurance - Willis latest to leave low-tax Bermuda.
Willis, the world’s third-largest insurance broker, plans to move its global headquarters from Bermuda to the Irish Republic, becoming the latest in a string of multinational companies to leave the low-tax Caribbean island.
The company said Dublin provided “a more stable environment” and would improve Willis’s ability to “maintain a competitive worldwide effective corporate tax rate”.
Willis follows Accenture, the consulting group, and about 10 others in announcing a move away from Bermuda since Barack Obama became US president and began to take a much tougher line on tax havens , saying their widespread use by American businesses was “the biggest tax scam in the world”.
The moral is clear: now we have to stop Irish abuse as well.
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That’s not abuse, it is simply a competitive corporate tax rate. Ireland was abusive when they ran split tax rates for Shannon and Dublin Docks, but since they now have a unified tax rate all they are doing is putting a downward pressure on other EU countries and encouraging mobile businesses to take their operations to Ireland.
Richard, what is the abuse? Ireland is surely not a secrecy jurisdiction. If the tax rate bothers you then what about Bulgaria with a corporate tax rate of 10%? Is it also an above? Or more importantly abusing what?
so what? estonia does not have a corporation tax at all.