Symantec owes €800m, says IRS

THE US revenue authorities are looking to recoup nearly €800 million from software company Symantec, claiming it used its Irish subsidiaries to reduce its tax bill.

The US Internal Revenue Service has gone to court claiming that Symantec, which employs 650 people in Ireland, should have reported higher income at its American operations, but took advantage of the low rate of corporation tax in Ireland to reduce its liabilities.

The IRS is seeking €600m in back taxes and almost €284m from Symantec and its subsidiary Veritas, which is fighting the claim in the US tax court.