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Of course larger countries may look to have a stronger link between sales volumes and tax paid, but in broad terms more Irish corporation tax, rather than less, could well be the end result of the current debate.
A striking developments of recent years is the huge growth in US corporate cash piles. Apple is driving the concentration, accounting for about 10 per cent of all US corporate cash on deposit, or $150 billion. Last year Moodys said the top five holders – Apple, Microsoft , Google, Pfizer and Cisco – held $347 billion.
Aggressive tax avoidance is driving this cash accumulation, and if more of the money ends up being subjected to corporation tax, the benefits for Ireland could be very substantial indeed.
Desmond in the thick of pink and green
Life as a billionaire is never easy. The attention to detail at Dermot Desmond’s new holiday playground for the super-rich, the Pink Sands Club, certainly seems to know no bounds.
In last week’s edition of the Financial Times’ s How to Spend It magazine, Desmond’s new paradise for the rich was given the royal treatment.
Desmond (pictured) is spending $120 million (€86.5 million) on creating one of the world’s most luxurious resorts on Canouan, an exotic 13sq km island, in St Vincent and the Grenadines.
“This is a James Bond island for our times,” an employee of Desmond let slip to the pink ’un.
The FT was suitably impressed. A one-bed suite starts from $3,938 per night, and guests can expect “in the bedrooms, the coup de théâtre . . . a floor-to-ceiling mirror at the end of your bed.”
At the touch of a button, a TV appears inside the mirror, push again and it slides back to reveal a “mesmerising lagoon”.
The resort seems a level above even Sandy Lane in Barbados, which Desmond co-owns and rebuilt in 2001.
Notably, the Pink Sands contains not a single palm tree. This is surprising given its tropical location. “Mr Desmond doesn’t like them,” the FT helpfully explains. Everything from the uniforms of the staff to cushions has a pink theme.
“Desmond loves pink,” the FT says, but not just any old shade. “We like Pantone 226,” Elena Korach, the Italian chief operating officer of the resort reveals.
On the green front, Desmond is also doing well.
Last week, Forbes said he grew his fortune by $200m, moving him up from the crowd of mere billionaires, into the more select $2 billion club.
Doubtless, Desmond also has his eye on the Sunday Independent , the newspaper he part owns, along with fellow paper fan Denis O’Brien. The Sindo produces its own rich list soon, and only names near the top of that list will be able to afford the Sands tickling them pink.