Business Irish

Thursday 14 December 2017

Candy Crush company expects to pay no tax in Ireland

The different kinds of candies in Candy Crush
The different kinds of candies in Candy Crush

THE Irish-registered company behind the global blockbuster Candy Crush Saga, a video game for mobile devices, has told potential investors that it does not expect to pay any corporation tax in Ireland on its worldwide profits.

King Digital Entertainment is currently seeking to raise more than half a billion dollars on the New York Stock Exchange and has told investors that it will use inter-company transfers to avoid tax on profits it sends to Ireland.

MAVERICK property developer Johnny Ronan is close to raising €250m to fund a major comeback on the Irish and UK markets as he seeks to bring investors back into the high-risk development sector.

It is understood that Mr Ronan, who has just launched a new website and branding for his business, will use the profits from any successful scheme to help pay down his personal exposure to NAMA.

US investment funds Lone Star and CarVal are circling a €600m "doctors and dentists" debt portfolio containing non-performing loans extended by the former Anglo Irish Bank to members of the legal, medical and accounting professions.

The IBRC portfolio is expected to be sold this week for as little as 20pc of its par value, as part of the liquidation of the bank. As many as 500 professionals are believed to have loans within the highly distressed portfolio.

Online video streaming services like Netflix, which is home to the US political drama, 'House of Cards', have been added to the basket of goods used to measure inflation by the British Office for National Statistics, in order "to capture the growing video on-demand market".

The annual reshuffle of the "shopping basket" – which, similar to a system operated by Ireland's Central Statistics Office, offers a snapshot of changing spending habits and lifestyles – also saw fruit snackpots, canvas shoes and flavoured milk added to the 2014 list.

ANN Summers is putting underwear brand Knickerbox up for sale, as the company tries to recapture the risque edge that made it a success story.

The retailer, whose fortunes have been revived by the success of EL James' racy novel 'Fifty Shades of Grey', has hired accountants KPMG to run a sale process for the comfort-focused Knickerbox. It is thought interest may come from big supermarkets and department stores looking to bolster their womenswear offering, with Tesco and Debenhams understood to have shown early interest.

Irish Independent

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