‘Revenue set to examine structure of Larry Goodman’s companies’
The Revenue Commissioners are to examine a number of Larry Goodman-owned companies, according to reports.
The Irish Times says that the Revenue Commissioners are reviewing the international corporate structures used by Larry Goodman’s ABP Food Group and other businesses, in the light of details made public last month.
At the time the Irish Times published an article headed ‘Goodman company owner paid little tax on €52m profit’.
The article, which concerned part of the financing structure of the overall group, implied a low tax rate for the entire group, by reference to the rate of tax paid by some companies within the overall structure.
Responding to the article in a letter to the paper this morning, Larry Goodman, the owner of ABP Food Group claimed the article “implied a very low corporate tax rate for the whole group by reference to the rate of tax paid by selective holding/financial companies within the overall ABP structure.”
Furthermore he said ‘the article was misleading and damaging to the group as it did not give a fair reflection of the taxes paid’.
Goodman also said in the letter that ABP “pays substantial millions in corporation taxes on the profits earned and is tax compliant in all jurisdictions in which it operates and states, that for the accounting year to the end of March 2014”.
“For the accounting year ended March 31, 2014, the effective rate of corporation tax for the entire group was in excess of the Irish corporate tax rate,” the letter said.