Tech giant Genzyme pays only €75k in tax

The Irish arm of global technology giant Genzyme paid only €75,000 in corporation tax here last year in spite of its revenues jumping by 20% to €1.533bn.

Accounts filed by Genzyme Ireland Ltd show the firm recorded a 47% increase in pre-tax profits, from €32.3m to €47.97m, last year.

The French-owned company saw revenues at the Waterford firm jump by 20%, from €1.28bn to €1.53bn, in the 12 months to the end of last year.