Hewlett Packard joined the growing, tax happy community on the Emerald Isle when it opened the headquarters of its leasing bank in Dublin yesterday.
Equipment leasing arm Hewlett Packard International Bank (HPIB) will enjoy a 10 per cent tax rate sweetener compared to rates of around 35 per cent that some European countries impose. The Irish government has guaranteed the rate until 2005. After that, it will rise to 12.5 per cent.
The country's young, technically proficient workforce and its status as a globally renowned hi-tech hub also helped persuade the company to set up shop in Ireland. There are currently more than 1,000 foreign companies employing 98,000 staff in the country.
Hewlett Packard plans to grow its assets to 2.5 billion Irish pounds ($3.67 billion) over the next five years. The company will finance more than $4 billion worldwide making it the world?s fifth largest IT leasor.
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