Advertisement

Larry Goodman challenges reports of low corporation tax payments

In a personal letter to the Irish Times this morning, Larry Goodman, the owner of ABP Food Group,...
Newstalk
Newstalk

08.51 8 May 2015


Share this article


Larry Goodman challenges repor...

Larry Goodman challenges reports of low corporation tax payments

Newstalk
Newstalk

08.51 8 May 2015


Share this article


In a personal letter to the Irish Times this morning, Larry Goodman, the owner of ABP Food Group, one of Europe’s largest meat processing companies, disputes an article in the paper last month, which Goodman claims "implied a very low corporate tax rate for the whole group by reference to the rate of tax paid by selective holding/financial companies within the overall ABP structure."

He writes that "the article was misleading and damaging to the group as it did not give a fair reflection of the taxes paid."

The letter adds that ABP "pays substantial millions in corporation taxes on the profits earned and is tax compliant in all jurisdictions in which it operates and states, that for the accounting year to the end of March 2014."

Advertisement

He continues, "the effective rate of corporation tax for the entire group was in excess of the Irish corporate tax rate" of 12.5 percent."

The original Irish Times article of April 24, did not contend that ABP was not tax compliant, but reported that a Goodman company Parlesse Investments, based in Luxembourg made a profit of €53m in 2013 had paid just 0.4 percent corporation tax on those profits. Parlesse paid a dividend of €24m to its owner, a Malta-based company called Galway Ltd, in 2013.

Today Irish Times has published a follow up piece under the headline "Goodman empire is built on good tax planning, privacy and international trade".

Colm Keena writes: "The Goodman business empire involves myriad companies, many of which are unlimited and do not publish accounts, in Ireland, the UK, Jersey, the Netherlands and Luxembourg. Often ownership goes from Co Louth to the UK to Jersey and back to Co Louth."

A spokesperson for the Revenue has declined offer a comment to Newstalk over whether they are to review any aspect of the Goodman Group’s tax arrangements.


Share this article


Read more about

News

Most Popular