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.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
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.