Business Irish

Thursday 23 November 2017

Irish tech unit pays €58m tax on €7.8bn revenues

Gordon Deegan

The main Irish subsidiary of US software and hardware giant Oracle paid corporation tax of €58m as revenues topped €7.85bn last year.

New figures lodged by Oracle EMEA Ltd to the Companies Office show that the firm recorded a pre-tax profit of €127.4m - a drop of 22pc on the €164.4m in pre-tax profits recorded in 2013.

The Dublin-based firm paid a dividend on €200m last year after paying no dividends in 2013 and 2012.

The firm's principal activities comprise of the manufacture and sale of computer hardware and software products in Europe, Middle East and Africa markets.

The revenues generated by the Irish arm represent 22pc of Oracle's global revenues of €35.6bn ($38.3bn) in the year to May 31 last.

According to the directors' report "the trading results of the company have remained strong with an 8pc growth in turnover.

"The company earned a profit in the current year and our expectation is that the company will continue to trade successfully and remain profitable in future periods."

The firm's tax liability for the year was €58m compared to a tax bill of €11.9m in 2013.

The firm's tax bill was made up of Irish corporation tax of €35.17m in addition to its foreign tax liability of €77.2m.

Timing differences and adjustments reduced the tax bill to €58m.

Shareholder funds stood at €2.169bn while numbers employed increased by 65 to 1,163. Staff costs increased to €90m.

The profit takes account of combined non-cash depreciation and amortisation costs of €262.7m.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business