Microsoft’s Irish subsidiary paid zero corporation tax on £220bn profit (Guardian)
An Irish subsidiary of Microsoft made a profit of $315bn (£222bn) last year but paid no corporation tax as it is “resident” for tax purposes in Bermuda. The profit generated by Microsoft Round Island One is equal to nearly three-quarters of Ireland’s gross domestic product – even though the company has no employees. The subsidiary, which collects licence fees for the use of copyrighted Microsoft software around the world, recorded an annual profit of $314.7bn in the year to the end of June 2020, according to accounts filed at the Irish Companies Registration Office. The company’s profits jumped from just under $10bn in the previous year and compare with Ireland’s 2020 GDP of €357bn ($433bn).