In light of Trump’s accusations against Ireland regarding manipulative tax practices by US pharmaceutical companies, experts suggest that these firms might be more inclined to move profits back to the US instead of closing plants. Aidan Regan from University College Dublin supports Trump’s position, claiming the trade imbalance due to profit shifting has been evident. He notes that many pharmaceutical exports recorded in Ireland never actually enter its market, leading to inflated tax contributions and volatility. Policymakers could potentially rectify this through changes in tariffs and tax legislation to incentivize onshore profit declaration.
Trump's comments highlight the long-standing issue of profit shifting by US pharmaceutical companies, with experts arguing it's vital to reassess tax policies to address this imbalance.
Aidan Regan notes that the US has been losing taxable profits due to companies declaring profits in Ireland, thus creating a trade imbalance that needs addressing.
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