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Ireland to phase out tax break favouring MNCs

Loophole will be closed to new entrants from January while firms already enjoying the shelter can continue to do so until 2020

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Google cut its income tax bill by about US$2.5 billion last year, thanks to its use of the tax shelter dubbed 'Double Irish'.

Dublin

IRELAND'S government will phase out a tax shelter used by US companies from Google to LinkedIn Corp, amid mounting pressure from international authorities.

The "Double Irish", which allows companies to avoid paying tax on much of their income, will be closed to new entrants

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