As Ireland bows to the inevitable, announcing the end of the double Irish, the Department of Finance was making the case that inversions are far from a win-win for Ireland. In documents released after this week’s budget, the department notes that re-domiciling by US corporates to Ireland has increased gross national income by 5 per cent.
Gross national income is used to calculate how much individual states contribute to the EU budget and the department says inversions cost Ireland close to €60 million in contributions to the EU in 2012 alone.