Ireland likely to phase out \\\'Double Irish\\\' tax regime

DUBLIN, Oct 11 (Reuters): Ireland is set to announce legal changes next week to phase out the 'Double Irish' tax arrangement that has let firms such as Google save billions of dollars, two sources familiar with the matter said.

Ireland has come under sustained attack from Europe and the United States over the past 18 months for its tax rules that allow multinational companies such as Google and Apple to cut their overseas tax rates to single digits.

Among the most criticized parts of the Irish tax code is the complex corporate structure whereby a multinational can channel untaxed revenues to an Irish subsidiary, which then pays the money to another company registered in Ireland that is tax resident elsewhere -- usually in a tax haven such as Bermuda.