theodp writes "By transferring IP and other assets to an obscure subsidiary in a Dublin tax haven, Microsoft has managed to slash its corporate taxes in Europe and shield billions from U.S. taxation. Virtually unknown in Ireland, Round Island One Limited has few employees, but controls more than $16B in Microsoft assets, recorded gross profits of nearly $9B in 2004, and helps shave at least $500M from Microsoft's annual tax bill." Round Island One is apparently one of the largest companies in Ireland... and almost no one has heard of it.
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