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Tech Companies Love Ireland's Low Taxes, but They May Be 'Detrimental' to Economy

May 22 (Bloomberg) -- University College Dublin's Kieran Allen comments on the debate around what is known as the "Double Irish" tax strategy. He speaks with Mark Barton and Anna Edwards on Bloomberg Television's "Countdown." (Source: Bloomberg)

Ireland's low corporate tax rate is good for global companies like Apple, but is it good for the Irish people? University College Dublin senior lecturer Kieran Allen says no.

Only about 7 percent of the Irish workforce is actually employed at these multinational companies, he said. And as long as the tax rates on these companies remain low, the country's domestic economy will have to bear the burden, putting the squeeze on residents and small businesses.

"This is extremely detrimental to the Irish economy," Allen said during an interview on Bloomberg Television's "Countdown."

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