April 18
Shire Pharmaceutical to relocate from UK to Dublin.
I noticed an article this week – it was only awarded a few lines in the paper but I think it is significant new. A British Pharmaceutical company is shifting its base to Dublin to avail of the favourable corporate tax here.
UK Multinational Shire Pharmaceuticals plans to relocate its parent company to the Dublin to benefit from low corporation tax and other juicy incentives. Shire is no small operation with sales of about EUR1.3bn.
I believe that this is significant news as most companies are exiting Ireland where as here we have a new guest. However this sort of announcement does not fit in with the doom and gloom stance of the media. Of interest too is that with all the noise about high costs of utilisie and labour – the low corporation tax countered this for Shire.