Firm to transfer €25bn assets from Ireland in tax move

A US multinational is reportedly set to move €25bn worth of assets out of the country to avail of lower tax rates abroad.

Reports this morning say the drug group Bristol-Myers Squibb is planning to move its assets into a holding company outside of Ireland.

The company says there is no threat to jobs in its Irish facilities at Swords and Mulhuddard.

Several other major businesses are also said to be considering similar moves.

Recently, it emerged that three Irish semi-state companies had moved funds to holding companies in the Netherlands to avoid paying corporation tax.