PayPal relocates assets for tax purposes
eBay subsidiary moving majority of assets from Dublin to Singapore
Dublin-based online payment group PayPal
– a subsidiary of web auction giant
eBay – is moved a significant
portion of its business to Singapore for accounting and taxation purposes,
according to reports.
The decision to relocate the majority of the company’s assets overseas was
part of a ‘’tax realignment’’ strategy, a spokesperson for eBay told the Irish
It means that 85% of PayPal’s annual revenues will now move overseas.
The company said it continue to operate out of Dublin. EBay and PayPal employ
more than 1,000 people in Ireland in total.