McAfee relocates from Amsterdam to Ireland

19th July 2004, Comments 0 comments

19 July 2004 , AMSTERDAM — US anti-virus software company McAfee will relocate its European headquarters from Amsterdam to Ireland to profit from lower taxes, company finance chief Stephen Richards has said.

19 July 2004

AMSTERDAM — US anti-virus software company McAfee will relocate its European headquarters from Amsterdam to Ireland to profit from lower taxes, company finance chief Stephen Richards has said.

In Ireland, companies pay just 12.5 percent in company tax compared with 34.5 percent profit tax in the Netherlands, Dutch public news service NOS reported on Saturday.

The relocation will result in the loss of 81 jobs from Amsterdam from the start of 2005, but the McAfee marketing and sales divisions, where 35 people work, will remain based in the Dutch capital, newspaper Het Parool reported.

McAfee set up in the Netherlands in 1995 and is not the only company now being enticed to Ireland. Computer companies IT and Dell have previously relocated to Ireland, as did Dutch banking giant ABN Amro. Chip manufacturer Intel opened a factory in Dublin at the start of this month.

European nations with higher company tax rates have raised concern about the market development, with both France and Germany urging for agreements regulating the level of company tax

The Netherlands was a fiscally attractive country for multinational companies in the 1990s and the Dutch Cabinet has now announced plans to reduce taxes imposed on company profits. The proposal is to reduce taxes to 29 percent in 2007.

[Copyright Expatica News 2004]

Subject: Dutch news

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