Ireland to get significant financial boost as Apple shifts assets to our shores
We stand to make a lot of money from the move...
Apple have plans to move $9 billion worth of assets to Cork in a move which will have significant benefit to the Irish Revenue.
According to Jack Horgan-Jones in The Sunday Business Post, Apple have decided to move all of the intellectual property connected with iTunes to Holyhill, just outside of Cork city.
The decision comes on the back of changes to the European Vat system which have ended the benefits of housing the intellectual property in Luxembourg, where it was previously held.
The changes to the Vat system means that it must be paid in the country where the product is sold. This is different from the previous model whereby it could be paid in the home country of the company selling the product.
Seeing as Apple currently has its European headquarters in Ireland, it seems only logical that they would move it here.
The benefits for Ireland of such a relocation would mean that the Revenue will receive tens of millions in Vat from Apple according to experts.
All we have to do is sort out the other tax debacle now...