Caribbean, as per the double Irish scheme), which would albeit artificially, raise Irish economic statistics to improve Ireland's "headline" Debt-to-GDP metric. They also indirectly, allowed US distressed debt funds to use the Irish Section 110 SPV to enable them to avoid Irish taxes on the circa €100bn of domestic Irish assets they bought from NAMA (and other financial institutions) from 2012 to 2016. While these BEPS schemes were successful in capital, they had downsides. US multinational tax schemes lead to large distortions in Irish GNI/GNP/GDP statistics. When Apple "onshored" their ASI subsidiary in January 2015, it caused Irish GDP to rise 26.3% in one quarter ("leprechaun economics"). Foreign multinationals were now 80% of corporate taxes, and concentrated in a smaller group. In response, the Government introduced "modified GNI" (or GNI*) in 2017, which was circa 40% below 2017 Irish GDP, and a paired back of some BEPS schemes to improve corporation tax sustainability. Ireland's BEPS tax strategy led it to become labelled as one of the top 5 global conduit OFCs, and has come under attack from the US and the EU (Apple's largest tax fine in history). Under pressure from the EU, Ireland closed down the double Irish in 2015, which was described as the largest tax avoidance scheme in history. However, Ireland replaced it with the new single malt system, and an expanded capital allowances scheme. More targeted responses have come in the form of the US 2017 TCJA (esp. FDII and GILTI rates), and the EU's 2018 impending Digital Services Tax. See also Taxation in the Republic of Ireland Corporate tax haven Feargal O'Rourke architect of Ireland's BEPS tools Matheson (law firm) Ireland's largest U.S. tax advisor Notes References Sources External references Irish Industrial Development Authority Corporate Tax ("CT") Portal Revenue Commissioners Corporate Tax ("CT") Portal Ernst & Young Ireland Corporate Tax Portal Irish Tax Institute Portal Ireland Economy of the Republic of Ireland Taxation in the Republic of Ireland Corporate tax avoidance Apple Inc. Google Microsoft Offshore magic circle Offshore law firms