Ireland 'most profitable country in the world for US firms'

An analysis of global tax havens has reportedly found that Ireland is the most profitable country in the world for US corporations.

Reports this morning said the analysis in the US journal Tax Notes found that the profits made by US firms in Ireland had doubled between 1999 and 2002, from $13.4bn (€11bn) to $26.8bn (€22bn).

The author of the study, international taxation specialist Martin Sullivan, said it was difficult to assess how much of this money was as a result of genuine economic activity and how much was moved to Ireland to avoid US tax rates.