Sunday, August 23, 2015

Slow Saturday Special: Etsy Emigrates to Ireland

I'm not selling this post too hard. 

"Despite transparency claims, Etsy uses Ireland for tax secrecy" by Alex Barinka and Jesse Drucker Bloomberg News  August 14, 2015

NEW YORK — Artisan goods marketplace Etsy Inc., which promised to be a beacon for transparency as a public company, recently implemented a strategy that shrouds its offshore tax-cutting arrangements in secrecy.

Because of a change in how its Irish subsidiary is registered, Etsy no longer needs to publicly disclose basic financial information about that unit. The classification designates the business in Ireland as an unlimited liability company — a move that’s been used by corporations such as Google and LinkedIn, enabling them to conceal how profits are shifted to zero-tax locales such as Bermuda.

Now, more revenue may be routed through Etsy’s Irish subsidiary. Last month, the Brooklyn, New York-based company informed users that anyone outside of the Americas will enter a terms of use agreement with Etsy Ireland, instead of the parent company.

These changes may help lower tax bills, Etsy says. At the same time, having the unlimited liability company means Etsy doesn’t have to report publicly how much money is being moved through Ireland or the tax its Irish unit will pay.

‘‘The main advantage of unlimited liability companies is nondisclosure,’’ said Jim Stewart, an associate professor of finance at Trinity College’s school of business in Dublin. ‘‘If companies are not disclosing, you have to ask why not? Is it to hide things that they’d feel embarrassed about?’’

Etsy’s Irish subsidiary, now that it’s an unlimited liability company, doesn’t have to publicly file financial data like balance sheets and income statements anymore. That means that information like the low tax rates paid in Ireland will be out of the public view.

The use of unlimited liability companies has become increasingly popular.


Pearse Trust, an Irish firm that advises companies on taxes and their corporate structure, recently laid out the virtues of such unlimited companies on its website: They are mostly relieved of the obligation to file financial accounts. ‘‘The state of the company’s financial affairs does not, therefore, become a matter of public record,’’ Pearse Trust said.

Related: A Matter of Public Records

Etsy has been keen to find ways to satisfy investors after posting slowing revenue growth and stagnant international expansion. Markets outside of the United States, which the company has identified as one of its most promising targets, make up about 30 percent of gross merchandise sales....

‘‘As we continue to grow and expand our international business, we are generating an increasing amount of revenue and intellectual property outside of the US,’’ Etsy said in a statement. ‘‘After careful consideration and consultation, we have evolved our tax structure to accurately account for the value of that property. We pay taxes at the local rate and make all required filings in the jurisdictions in which we operate.’’


Etsy has even said transparency is one of its central values. The online marketplace, where sellers offer artsy goods ranging from cuff links made from sixpence coins to knit iPhone cases, serves as a test of whether investors accept a business that doesn’t squeeze out every dollar of profit it can.

‘‘As a public company, we will be able to provide a higher level of transparency and accountability to a broader number of people,’’ chief executive Chad Dickerson said in a letter to prospective public investors in a filing before the initial public offering. ‘‘If we succeed, then other companies might replicate our model. We think the world will be a better place for it.’’


Something just seems up$ide-down to me regarding such things, but then I'm sure they are just MTWABP.

Time to get back to your roots:

"Irish ‘roots’ certificates a tough sell" Bloomberg News  August 19, 2015

DUBLIN — Ireland said this week that it is scrapping a certificate of heritage, the state’s imprimatur on the recipient’s Irish roots, amid slow sales. Not even awarding certificates to actor Tom Cruise and President Obama inspired much business.

Why would anyone want to join a club in which they are a part, be it a scientology $cam or war-making globalist $cum? 

Don't get me wrong, Cruise has made some good movies and seems to know where we have been and are going as a society, but the celebrity-worshipping culture being foisted upon us must end.

‘‘It’s a very good concept,’’ Jimmy Deenihan, an Irish junior minister with responsibility for ‘‘diaspora affairs,’’ said in an interview on RTE Radio on Tuesday. ‘‘But certainly the take-up was lower than expected.’’

The government has sold about 3,000 of the certificates, ‘‘considerably less than anticipated,’’ the Foreign Affairs ministry said. The project’s scrapping is a rare reversal for a nation that has long traded on the emotions of Americans in search of their heritage. Tourism accounts for more than 4 percent of the Irish economy, with about 1 in 6 trips coming from North America, and proved a bright spot as the country emerged from its worst recession on record.

Far less damaging than those traded on by Zionist string-pullers in the pre$$ and Congre$$.

The government believes there are about 70 million people around the world of Irish ancestry and it has targeted diaspora-related tourism.

An Irish.... army?

The concept of official heritage certificates emerged from a forum of Irish executives working overseas, who gathered in Dublin during the financial crash to figure out ways to drag the country out of its recession.


Actually, I have a problem with dual nationals so you will have to choose on or the other.

I know, I know, I'm confusing roots with citizenship, but so do the Khazar usurpers in charge of Israel. What's good for the goose....

Amazon takes on Etsy with a new website