Symantec subsidiary pays €1.39m in tax

The Irish subsidiary of the US software security multinational Symantec paid €1.39 million in corporation tax in the year to the end of March 2012, during which year its turnover was €1.49 billion.

Pretax profits for Symantec Ltd were €32.65 million, compared with €34.9 million the previous year.

The accounts show that following a favourable United States US tax court decision the company submitted a claim to the Revenue Commissioners that led to additional unutilised losses becoming available.

The use of a €17.1 million tax credit saw a reduction in what would have otherwise have been an €18.5 million tax charge. The court case involved Symantec’s transfer pricing methodology.

Symantec Ltd had an average of 824 employees during the year, up from 692 the previous year.

Total staff costs were €52.3 million in the year to the end of March 2012.

Turnover increased by 4 per cent year on year, according to the accounts. Gross profit decreased by 2 per cent and the gross margin was 48 per cent.

The company provides a broad range of content and network security software and appliance solutions to businesses and individuals.

It owns a number of subsidiaries in different countries including Australia and the US.

It is in turn owned by Symantec International, an unlimited, Irish-registered investment and intellectual property holding company.

That company is in turn owned by Symantec Holdings Ltd, which has its registered offices in Dublin but is Jersey-resident for tax purposes.