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Leprechaun economics

Index Leprechaun economics

Leprechaun economics was a term coined by Nobel Prize-winning economist Paul Krugman in a tweet on 12 July 2016 in response to the publication by the Irish Central Statistics Office (CSO) that Irish GDP had grown by 26.3%, and Irish GNP had grown by 18.7%, in the 2015 Irish national accounts. [1]

44 relations: Appleby (law firm), Base erosion and profit shifting, Base erosion and profit shifting (OECD project), Bloomberg News, Brad Setser, Budget of the European Union, Celtic Tiger, Central Bank of Ireland, Central Statistics Office (Ireland), Corporate haven, Corporation tax in the Republic of Ireland, Council on Foreign Relations, Double Irish arrangement, Economy of the Republic of Ireland, EU illegal State aid case against Apple in Ireland, European Commission, European System of Accounts, Eurostat, Gross domestic product, Gross national income, Gross national product, Intellectual property, International Financial Services Centre, International Monetary Fund, Ireland as a tax haven, Irish Fiscal Advisory Council, Michael Noonan, Modified gross national income, Nobel Prize, Offshore magic circle, Paradise Papers, Paschal Donohoe, Patrick Honohan, Paul Krugman, Per capita, Put on the green jersey, Revenue Commissioners, RTÉ News and Current Affairs, Special-purpose entity, Tax Cuts and Jobs Act of 2017, Tax haven, Tax inversion, The Irish Times, University College Cork.

Appleby (law firm)

Appleby (previously Appleby Spurling & Kempe, Appleby Spurling Hunter and Appleby Hunter Bailhache) is an offshore legal services provider.

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Base erosion and profit shifting

Base erosion and profit shifting (or BEPS) refers to corporate tax planning strategies used by multinational companies that artificially "shift" profits from higher-tax locations, to lower-tax locations, thus "eroding" the tax-base of the higher-tax locations.

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Base erosion and profit shifting (OECD project)

The OECD Base Erosion and Profit Shifting Project (or OECD BEPS Project) is an OECD project to set up an international framework to combat tax avoidance by multinational enterprises (MNEs).

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Bloomberg News

Bloomberg News is an international news agency headquartered in New York, United States and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, Bloomberg Businessweek, Bloomberg Markets, Bloomberg.com and Bloomberg's mobile platforms.

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Brad Setser

Brad Setser is an American economist and blogger.

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Budget of the European Union

The European Union has a budget to pay for policies carried out at European level (such as agriculture, assistance to poorer regions, trans-European networks, research, some overseas development aid) and for its administration, including a parliament, executive branch, and judiciary that are distinct from those of the member states.

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Celtic Tiger

"Celtic Tiger" (An Tíogar Ceilteach) is a term referring to the economy of the Republic of Ireland from the mid-1990s to the late-2000s, a period of rapid real economic growth fuelled by foreign direct investment.

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Central Bank of Ireland

The Central Bank of Ireland (Banc Ceannais na hÉireann) is Ireland's central bank, and as such part of the European System of Central Banks (ESCB).

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Central Statistics Office (Ireland)

The Central Statistics Office (CSO; An Phríomh-Oifig Staidrimh) is the statistical agency responsible for the gathering of "information relating to economic, social and general activities and conditions" in Ireland, in particular the National Census which is held every five years.

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Corporate haven

A corporate haven, corporate tax haven, or multinational tax haven, is a jurisdiction that international corporates find attractive for establishing subsidiaries and/or incorporation of regional or main company headquarters, mostly due to favourable tax regimes (not just the headline tax rate), and/or favourable secrecy laws (such as the avoidance of sanctions or disclosure of tax schemes), and/or favourable regulatory regimes (such as looser data-protection or employment laws).

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Corporation tax in the Republic of Ireland

With 80% of Irish corporation tax ("CT") coming from foreign multinationals, and 14 of Ireland's largest 20 companies being US-based, Ireland is considered to have an advanced corporation tax regime (12.5% rate, broad tax-treaty network, tax-free holding company regimes, advanced intellectual property/knowledge box regimes).

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Council on Foreign Relations

The Council on Foreign Relations (CFR), founded in 1921, is a United States nonprofit think tank specializing in U.S. foreign policy and international affairs.

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Double Irish arrangement

Double Irish arrangement is a tax scheme used by some U.S. corporations in Ireland (including Apple, Google and Facebook amongst others), to shield non-U.S. income from the pre Tax Cuts and Jobs Act of 2017 (TCJA) U.S. worldwide 35% tax system, and almost all Irish taxes.

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Economy of the Republic of Ireland

The economy of Ireland is a knowledge economy, focused on services into high-tech, life sciences and financial services industries.

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EU illegal State aid case against Apple in Ireland

On 29 August 2016, after a two-year EU investigation, Margrethe Vestager of the European Commission announced Apple received illegal State aid from Ireland.

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European Commission

The European Commission (EC) is an institution of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.

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European System of Accounts

The European System of Accounts (ESA) is the system of national accounts and regional accounts used by members of the European Union.

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Eurostat

Eurostat is a Directorate-General of the European Commission located in Luxembourg.

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Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.

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Gross national income

The gross national income (GNI) is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents (Todaro & Smith, 2011: 44) (all figures in millions of US dollars).

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Gross national product

Gross national product (GNP) is the market value of all the goods and services produced in one year by labor and property supplied by the citizens of a country.

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Intellectual property

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect, and primarily encompasses copyrights, patents, and trademarks.

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International Financial Services Centre

The International Financial Services Centre (or IFSC) began in 1987 as a special economic zone on a derelict 11 hectare site near the centre of Dublin, with EU approval to apply a 10% corporate tax rate for designated financial services activities on the site.

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International Monetary Fund

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1945 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.

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Ireland as a tax haven

Ireland has been labeled a tax haven or a corporate tax haven which it rejects.

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Irish Fiscal Advisory Council

Irish Fiscal Advisory Council (IFAC; Comhairle Chomhairleach Bhuiséadach na hÉireann) is a non-department statutory body providing independent assessment and analysis of the Irish Government's economic and budgetary forecasts, and fiscal approach.

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Michael Noonan

Michael James Noonan (born 21 May 1943) is an Irish Fine Gael politician who served as Minister for Finance from 2011 to 2017, Leader of the Opposition and Leader of Fine Gael from 2001 to 2002, Minister for Health from 1994 to 1997, Minister for Industry and Commerce from 1986 to 1987, Minister for Energy from January 1987 to March 1987 and Minister for Justice from 1982 to 1986.

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Modified gross national income

Modified GNI (or GNI*) was created by the Central Bank of Ireland in February 2017 as a way to measure the Irish economy, and Irish indebtedness, due to the increasing distortions that Irish multinational tax schemes, also known as Irish IP-based BEPS tools, were having on Irish GNI, Irish GNP and Irish GDP.

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Nobel Prize

The Nobel Prize (Swedish definite form, singular: Nobelpriset; Nobelprisen) is a set of six annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances.

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Offshore magic circle

Offshore magic circle is the set of the largest multi-jurisdictional law firms who specialise in tax havens (especially the Caribbean triad of Bermuda-Cayman-BVI, and the Channel Islands duo of Jersey-Guernsey), and increasingly in modern corporate tax havens (especially Dublin, Singapore and Luxembourg).

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Paradise Papers

The Paradise Papers are a set of 13.4 million confidential electronic documents relating to offshore investments that were leaked to the German reporters Frederik Obermaier and Bastian Obermayer from the newspaper Süddeutsche Zeitung.

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Paschal Donohoe

Paschal Luke Donohoe (born 19 September 1974) is an Irish Fine Gael politician who has served as Minister for Finance since June 2017 and Minister for Public Expenditure and Reform since May 2016.

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Patrick Honohan

Patrick Honohan (born 9 October 1949) is an Irish economist who served as the Governor of the Central Bank of Ireland from 2009 to 2015.

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Paul Krugman

Paul Robin Krugman (born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.

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Per capita

Per capita is a Latin prepositional phrase: per (preposition, taking the accusative case, meaning "by means of") and capita (accusative plural of the noun caput, "head").

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Put on the green jersey

Put on the green jersey (or green jersey agenda) is an Irish phrase to represent putting the national interest first.

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Revenue Commissioners

The Revenue Commissioners (Na Coimisinéirí Ioncaim), usually referred to simply as Revenue, is the Irish Government agency responsible for customs, excise, taxation and related matters.

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RTÉ News and Current Affairs

RTÉ News and Current Affairs (Nuacht agus Cúrsaí Reatha RTÉ), is a major division of Raidió Teilifís Éireann and provides a range of national and international news and current affairs programming for RTÉ television, radio and online and also for the independent Irish language broadcaster TG4.

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Special-purpose entity

A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV, or, in some cases in each EU jurisdiction – FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.

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Tax Cuts and Jobs Act of 2017

The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,, is a congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986.

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Tax haven

A tax haven is defined as a jurisdiction with very low "effective" rates of taxation ("headline" rates may be higher).

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Tax inversion

Tax inversion, or corporate inversion, is the practice of relocating a corporation's legal domicile to a lower-tax country, while retaining its material operations (including management, functional headquarters and majority shareholders) in its higher-tax country of origin.

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The Irish Times

The Irish Times is an Irish daily broadsheet newspaper launched on 29 March 1859.

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University College Cork

University College Cork – National University of Ireland, Cork (UCC) (Irish: Coláiste na hOllscoile Corcaigh) is a constituent university of the National University of Ireland, and located in Cork.

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Redirects here:

Modified Irish GNI.

References

[1] https://en.wikipedia.org/wiki/Leprechaun_economics

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