Matheson (law firm)

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Matheson
Matheson company logo.png
Headquarters70 Sir John Rogerson's Quay, Grand Canal Dock, Dublin 2, D02 R296, Dublin, Ireland
No. of offices6 offices in 3 countries (Dublin, Cork, London, New York, San Francisco, Palo Alto)
No. of lawyers122 partners [1]
No. of employees860 [2]
Major practice areas Tax law
Key peopleMichael Jackson
Managing Partner
Revenue€115 million 2016 est. [3]
Date founded1825
only 14 partners in 1991
Company type Limited liability partnership
Website www.matheson.com
Irish Debt Securities Association (IDSA) launch in 2013 with Minister Richard Bruton, IDSA CEO Gary Palmer, and IDSA Chairman Turlough Galvin of Matheson's Tax Practice. 2013 launch of the Irish Debt Securities Association (IDSA).jpg
Irish Debt Securities Association (IDSA) launch in 2013 with Minister Richard Bruton, IDSA CEO Gary Palmer, and IDSA Chairman Turlough Galvin of Matheson's Tax Practice.
Matheson Foundation Chairman Turlough Galvin, and Irish Taoiseach Leo Varadkar, honour 150 children from the Centre for Talented Youth Ireland (CTYI) in 2016. Matheson Foundation honours 150 young students.jpg
Matheson Foundation Chairman Turlough Galvin, and Irish Taoiseach Leo Varadkar, honour 150 children from the Centre for Talented Youth Ireland (CTYI) in 2016.

Matheson (previously Matheson Ormsby Prentice), is an Irish law firm partnership based in the IFSC in Dublin, which specialises in multinational tax schemes (e.g. for clients in Ireland such as Microsoft, Google [4] and Abbot [5] ), and tax structuring of special purpose vehicles (e.g. Section 110 securitisation SPVs). Matheson is estimated to be Ireland's largest corporate law firm. [3] [6] Matheson state in the International Tax Review that their tax department is: "significantly the largest tax practice group amongst Irish law firms". [7]

History

While Matheson's website traces their history back to 1825 and notes that their offices were burnt in the Irish Easter Rising of 1916, [8] it wasn't until after the creation and initial development of Dublin's International Financial Services Centre (or IFSC) that Matheson emerged as a small but standalone law firm with 14 partners and over 50 solicitors (or lawyers) in 1991. [9]

In 1996, the firm moved to a dedicated office at 30 Herbert Street in Dublin. The property was developed by Treasury Holdings and designed by Arthur Gibney & Partners architects. [10] [11] [12]

It later moved to offices at 70 Sir John Rogerson's Quay in 2007, [13] and rebranded as "Matheson" in October 2012. [14]

While A&L Goodbody and Arthur Cox still lead Irish corporate law, [3] Matheson has grown with the rise in the IFSC to become one of Ireland's five largest corporate law firms along with McCannFitzgerald and Mason, Hayes and Curran. [6] Matheson focuses on the two legal areas most associated with the IFSC, namely tax structuring for U.S. multinationals, [4] and creating IFSC–domiciled corporate tax structures and tax efficient vehicles for various asset management and asset financing activities (particularly securitisation special purpose vehicles, which the IFSC leads in the EU–28). [15] [16]

In 2013 Matheson founded the Irish Debt Securities Association (or IDSA), which acts as the industry lobby group for the Irish Section 110 Special Purpose Vehicle (SPV) (the IFSC's main securitisation structure). [17] [18] Like Feargal O'Rourke in PriceWaterhouseCoopers, Matheson has been an active lobbyist for expanding various Irish legal structures and amending taxation controls to help grow the IFSC, which can lead to conflict. [19] Matheson's leadership in IFSC tax structures (or IP–based BEPS tools, and Debt–based BEPS tools), makes them a noted industry commentator. [20]

Awards

Matheson's leadership in the area of U.S. multinational tax planning in Ireland, [4] a jurisdiction which is ranked as one of the world's top corporate havens [21] has seen Matheson win major awards from the international corporate tax planning industry, including:

Criticism

U.S. multinational tax schemes

Matheson's leadership in the Irish tax strategies of U.S. multinationals, (or BEPS tools), has attracted attention from U.S. media over the years. In 2005, the Wall Street Journal ran a story on how Microsoft used an Irish subsidiary called "Round Ireland One" to avoid billions in U.S. taxes which was structured and registered in Matheson's offices (was then Matheson Ormsby Prentice, or MOP). [26] [27] In 2013 the Wall Street Journal ran another investigation showing that the scale of U.S. operations in Ireland, using Matheson registered tax structures, had dramatically increased from 2005. [4] These strategies has seen Ireland labelled as one of the world's largest corporate tax havens, [21] [28] and blacklisted by Brazil. [29] [30] [31] In 2019, it was reported that Abbott used Matheson to avoid billions in U.S. taxes. [5]

Like other tax law firms in the IFSC, Matheson has openly marketed IP–based BEPS tools with effective tax rates of under 3%. [32] [33]

Mainstream U.S. media channels have singled out Matheson in Dublin, as a significant centre for U.S. multinational tax strategies. [34]

In this regard, Matheson is akin to the situation of Irish PwC Managing Partner Feargal O'Rourke, whose development of the double Irish IP–based BEPS tool, has also made him the subject of investigative pieces by the U.S. financial media. [35] Bloomberg recognise that O'Rourke, while being at the vanguard of legitimate but aggressive U.S. multinational tax planning, is considered a "hero" in Ireland. [36]

Section 110 tax schemes and children's charities

In 2016, Matheson was criticised in the Irish media when it was revealed that U.S. distressed debt funds (known pejoratively as "vulture funds" in the Irish media), [37] had used the services of Irish IFSC securitisation law firms to avoid billions in Irish taxes, [38] [39] on Irish distressed assets by using Irish Section 110 SPVs. [40] [41] [42] [43] [44] These structures were created so IFSC law firms could administer global securitisation transactions. [45] [46] Matheson featured as one of the most frequently used advisors by the U.S. distressed debt funds (with A&L Goodbody). [47] [48] [49]

The affair escalated into the "vulture fund tax avoidance" scandal, [50] when it was found Matheson used three in-house children's charities (Eurydice, Medb and Badb), [51] [52] [53] to make the Irish Section 110 SPV work in an Irish domestic setting (known as "orphaning"). [54] [55] This was a purpose for which Finance Minister Michael Noonan acknowledged "the Section 110 legislation was not set up for". [56] The affair became a major Irish scandal [57] [58] and was reported in the international media. [59] [60] The Irish State closed the loopholes, [61] [56] and prohibit Irish charities from being used in tax avoidance structures. [62] [63]

Panama Papers exposure

It was revealed in the Irish section of the Panama Papers leak of 2016, that a senior partner in Matheson, Stanley Watson, had established an offshore tax structure with Mossack Fonseca's help in Cyprus, to reduce his tax bill on moving to London to set up the Matheson London office. [64] [65] A woman in the Matheson Dublin office was helping handle the correspondence to establish the structure. [64] The affair caused further embarrassment for Matheson when Stanley Watson's Isle of Man advisor was recorded as describing Matheson to Mossack Fonseca as "our biggest client". [64]

See also

Related Research Articles

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The Central Bank of Ireland is the Irish member of the Eurosystem and had been the monetary authority for Ireland from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2014 has been Ireland's national competent authority within European Banking Supervision.

<span class="mw-page-title-main">International Financial Services Centre, Dublin</span> Financial centre in Dublin, Ireland

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<span class="mw-page-title-main">Corporation tax in the Republic of Ireland</span> Irish corporate tax regime

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<span class="mw-page-title-main">Vulture fund</span> Fund that invests in distressed assets

A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals.

Orphan structure or Orphan SPV or orphaning are terms used in structured finance closely associated with creating SPVs for securitisation transactions where the notional equity of the SPV is deliberately handed over to an unconnected 3rd party who themselves have no control over the SPV; thus the SPV becomes an "orphan" whose equity is controlled by no one.

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<span class="mw-page-title-main">Double Irish arrangement</span> Irish corporate tax avoidance tool

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<span class="mw-page-title-main">Irish Section 110 Special Purpose Vehicle</span> Irish zero-tax legal structure

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<span class="mw-page-title-main">Ireland as a tax haven</span> Allegation that Ireland facilitates tax base erosion and profit shifting

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<span class="mw-page-title-main">Qualifying investor alternative investment fund</span> Irish zero-tax legal structure

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References

  1. ↑ "About Us | Award Winning Law Firm Ireland | Matheson".
  2. ↑ "About Us | Award Winning Law Firm Ireland | Matheson".
  3. 1 2 3 "'Big Seven' Irish law firms earned €720m last year". Irish Independent. 18 October 2017.
  4. 1 2 3 4 Damian Paletta; Kate Linebaugh (15 October 2013). "Dublin Moves to Block Controversial Tax Gambit". Wall Street Journal . Retrieved 19 March 2019. At least 125 major U.S. companies have registered several hundred subsidiaries or investment funds at 70 Sir John Rogerson's Quay, a seven–story building in Dublin's docklands, according to a review of government and corporate records by The Wall Street Journal. The common thread is the building's primary resident: Matheson, an Irish law firm that specializes in ways companies can use Irish tax law.
  5. 1 2 Peter Bodkin (19 March 2019). "How the IDA's top client used Ireland to siphon billions offshore tax-free". TheJournal.ie . Retrieved 19 March 2019. Meanwhile, through a myriad of subsidiaries and system of inter-company charges involving a variation on the infamous so-called 'double Irish' structure, its local operations have also legally shaved their tax bills with the Exchequer despite pulling in huge sales. The firm's registered office is listed as the address of its Dublin law firm, Matheson.
  6. 1 2 "Cantillon: Are there now only three law firms left in the 'big four'?". Irish Times. 30 May 2015.
  7. ↑ Our tax department is significantly the largest tax practice group amongst Irish law firms. "Matheson Ireland Profile". International Tax Review 2017. 2017.
  8. ↑ "Matheson history". Matheson. 2018.
  9. ↑ "Matheson Ormsby Prentice wins award". Irish Times. 25 February 2002.
  10. ↑ "Blackstone operations move to 30 Herbert Street". Independent.ie. 9 April 2015. Retrieved 27 September 2023.
  11. ↑ "30 Herbert Street". Ronan Group. Retrieved 27 September 2023.
  12. ↑ "Ronan gets €37m for office blocks". The Irish Times. Retrieved 27 September 2023.
  13. ↑ "Legal firm's HQ on the market". Irish Times. 21 April 2007.
  14. ↑ "Ireland's MOP drops Ormsby Prentice to become Matheson". The Lawyer. 25 October 2012.
  15. ↑ "Ireland is top Eurozone jurisdiction for SPVs". Irish Independent. 19 August 2017.
  16. ↑ "Ireland: The Leading European Jurisdiction for SPVs, Structured Finance and Securitised Structures" (PDF). Irish Debt Securities Association. 2016.
  17. ↑ "Matheson welcomes Irish Debt Securities Association". Matheson. 19 April 2013.
  18. ↑ "Lobby group says tax loophole closure may dampen Nama sales". Irish Times. 8 September 2016.
  19. ↑ "Vulture funds using 'shadow' lobbying system, Burton says". Irish Times. 2 February 2017.
  20. ↑ Also discussed was the need for Ireland to continually review and update the legal framework to reflect the speed of change and to cater for tangible assets so they are ‘fit for purpose’. "Matheson identifies increasing onshoring of Intellectual Property tax structures to Ireland as Brexit benefit". Business & Finance. 27 March 2018.
  21. 1 2 "Ireland is the world's biggest corporate 'tax haven', say academics". Irish Times. 13 June 2018. Study claims State shelters more multinational profits than the entire Caribbean
  22. ↑ "Matheson wins transfer pricing firm of the year". Irish Legal News. 21 May 2018.
  23. ↑ "Matheson and McCanns win at FT Innovative Lawyer Awards". Irish Legal News. 6 October 2017.
  24. ↑ "European Financial Service Tax Deal of the Year 2017". International Tax Review. 11 July 2017.
  25. ↑ Glenn R. Simpson (7 November 2005). "Irish Subsidiary Lets Microsoft Slash Taxes in U.S. and Europe". Wall Street Journal . Round Island's legal address is in the headquarters of a Dublin law firm, Matheson Ormsby Prentice, that advertises its expertise in helping multinational companies use Ireland to shelter income from taxes.
  26. ↑ "TAX JUSTICE NETWORK: Irish Subsidiary Lets Microsoft Slash Taxes in U.S. and Europe" (PDF). Tax Justice Network. 7 November 2005.
  27. ↑ "Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says". Wall Street Journal. 10 June 2018. The new research draws on data from countries such as Ireland, Luxembourg and the Netherlands that hadn't previously been collected.
  28. ↑ "Blacklisted by Brazil, Dublin funds find new ways to invest". Reuters. 20 March 2017.
  29. ↑ "Oregon Department of Revenue made a recommendation that Ireland be included as a 'listed jurisdiction' or tax haven". Irish Independent. 26 March 2017.
  30. ↑ "Tax haven blacklisting in Latin America". Tax Justice Network. 6 April 2017.
  31. ↑ "Ireland as a European gateway jurisdiction for China – outbound and inbound investments" (PDF). Matheson. March 2013. The tax deduction can be used to achieve an effective tax rate of 2.5% on profits from the exploitation of the IP purchased. Provided the IP is held for five years, a subsequent disposal of the IP will not result in a clawback.
  32. ↑ "Maples and Calder Irish Intellectual Property Tax Regime - 2.5% Effective Tax". Maples and Calder. February 2018. Structure 1: The profits of the Irish company will typically be subject to the corporation tax rate of 12.5% if the company has the requisite level of substance to be considered trading. The tax depreciation and interest expense can reduce the effective rate of tax to a minimum of 2.5%.
  33. ↑ "Nine Little Places That Are Home For One Million Corporations". Buzzfeed. 30 October 2013.
  34. ↑ "Man Making Ireland Tax Avoidance Hub Proves Local Hero". Bloomberg News. 28 October 2013.
  35. ↑ "Controversial tax strategies brainchild of O'Rourke's son". Irish Independent. 3 November 2013.
  36. ↑ "How to get vulture funds to pay tax". Irish Times. 1 August 2016.
  37. ↑ "Tax avoidance could run to billions". Irish Independent. 24 July 2016.
  38. ↑ "WHY LETTING SECTION 110 SPVS OPERATE IN THE IRISH DOMESTIC ECONOMY WILL DAMAGE OUR TAX BASE AND OUR REPUTATION AS A 'LOW-TAX' ECONOMY" (PDF). Stephen Donnelly (Dail Submission). September 2016.
  39. ↑ "Loophole lets firms earning millions pay €250 tax, Dáil told". Irish Times. 6 July 2016.
  40. ↑ "Vulture funds pay just €8,000 in tax on €10 billion of assets". thejournal.ie. 8 January 2017.
  41. ↑ "Revealed: How vulture funds paid €20k in tax on assets of €20bn". The Sunday Business Post. 8 January 2017.
  42. ↑ "Dublin unit of US hedge fund with $8bn assets pays $125 tax". Irish Times. 15 August 2016.
  43. ↑ "Cerberus paid €1,900 tax on €77m Project Eagle profits". Irish Times. 29 November 2016.
  44. ↑ "How do vulture funds exploit tax loopholes?". Irish Times. 17 October 2016.
  45. ↑ "Only lawyers and accountants gain from Irish 'SPVs' - Central Bank". Irish Independent. 5 October 2016.
  46. ↑ "'Vultures' minimise their tax bills – as State now appears to have delivered the sale of the century". Irish Independent. 21 August 2016.
  47. ↑ "Vulture funds rub salt into the carcass of this country". David McWilliams Sunday Business Post. 1 August 2016.
  48. ↑ "How do vulture funds manage to pay practically no tax in Ireland?". Emma Clancy. 30 July 2016.
  49. ↑ "State scrutinising Matheson's use of tax loopholes". Irish Times. 28 July 2016.
  50. ↑ "Vulture funds using charities to avoid paying tax, says Donnelly". Irish Times. 14 July 2016.
  51. ↑ "Why would a Vulture Fund own a Children's Charity". Dail Eireann. 24 November 2016.
  52. ↑ "Barnardos deny receiving funding from owner of vulture fund, Matheson Foundation". Irish Independent. 24 November 2016.
  53. ↑ "Wealthy firms 'using charitable status to avoid paying taxes'". Irish Examiner. 13 July 2016.
  54. ↑ "Law firm defends use of charities to help hedge funds cut tax bills". Irish Times. 27 August 2015.
  55. 1 2 "Government moves to amend Section 110 to close tax loophole used by vulture funds". RTE News. 6 September 2016.
  56. ↑ "How did the Government shaft mortgage holders and taxpayers in one fell swoop?". Irish Independent. 10 July 2016.
  57. ↑ "Vulture funds are feasting tax–free on carcass of our property crash". Irish Independent. 30 August 2016.
  58. ↑ "Forget Apple: Ireland's other taxing issue". BBC News. 6 September 2016.
  59. ↑ "Ireland confronts another tax scandal closer to home". Financial Times. 11 September 2016.
  60. ↑ "Loophole allowing Vulture Funds to pay almost no Irish profit tax shut". Irish Independent. 16 September 2016.
  61. ↑ "Irish Charities Regulator rejects Matheson Charities in Section 110 SPVs". Irish Times. 28 April 2017.
  62. ↑ "Matheson stops using charities to help clients avoid tax". Irish Times. 27 February 2018.
  63. 1 2 3 "Senior Matheson figure set up Cyprus firm to reduce tax bill". Irish Times. 4 April 2016.
  64. ↑ "What the Panama Papers tell us about Ireland". Irish Times. 9 April 2016.
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