It has been reported that the major insurance Company, Zurich is planning to shift to Ireland on order to reduce its tax bills.
This is not the first time that a Company is shifting to some other country because of the taxation problems. A survey conducted this year also stated that Britain’s leading Companies are leaving their country because of the lower tax regimes in other countries.
Not only Zurich, but many others have also planned to depart due to the taxes, paperwork, the cumbersome rules and regulations and also the bureaucracy.
Moreover, the Companies are obliged to pay 10% as Corporation Tax in Great Britain, as compared to 10% in Ireland.
The Company said, “Zurich Financial Services continues to explore ways to streamline its legal structure and optimize its capital efficiency and we have made no decisions about how this will be achieved within our life businesses”.
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