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Abbott Laboratories (ABT), Boston Scientific Corporation (BSX) Pay Almost No Taxes in Ireland Despite Billions in Profits


5/31/2013 9:09:51 AM

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Despite the billions in profits garnered in Ireland, medical device companies Abbott and Boston Scientific paid almost no taxes in the Emerald isle in 2011, the Irish Times reports. Medical device companies Abbott (NYSE:ABT) and Boston Scientific (NYSE:BSX) paid nearly zero in taxes during 2011, according to the Irish Times, part of a headline-grabbing scandal that's put the Emerald Isle atop the list of global tax havens – much to its chagrin. The news comes as Ireland's Minister of State for European Affairs, Lucinda Creighton, heads to the U.S. this week on a trade mission. Ireland cuts no special deals for any company, Creighton told the U.S. Senate, but the high corporate tax rate in the U.S. drives firms to seek more advantageous tax structures elsewhere, she said, according to the newspaper.

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