World’s second biggest advertising firm confirms its HQ move to Dublin

THE world’s second biggest advertising firm, WPP, has confirmed it is moving it headquarters to Ireland from Britain.

A company spokesman confirmed the move saying a formal announcement is due this week.

WPP says that proposed changes to Britain’s taxation of foreign earnings would increase its tax bill, said spokesman Richard Oldworth.

WPP chief executive Martin Sorrell has said the move to Dublin may save £60 million (€75m) to £80m a year.

Since the announcement of tax changes by the British government a flurry of firms have announced their intentions to move their headquarters from Britain.

Ireland, with a corporation tax rate of 12.5% has proved to be a big winner in attracting such investments.

The corporation tax rate in Britain is 28%, while the US’ is 35% .

Earlier this year, media company United Business Media and drugmaker Shire said they would move their tax homes to Ireland to reduce their tax payments.

Regus, the world’s largest provider of serviced offices said last month it would move its headquarters to Luxembourg.

ABN Amro analyst, Paul Gooden said: “Increasingly we are in a global environment and WPP has most of its earnings outside the UK.”

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