The Dutch state railway is under serious fire for leasing its trains in low-tax Ireland. And it's not the only operator to do so. In recent years, the Dutch have been horrified to discover that while they buy their train tickets from a state-owned company, a significant chunk of the money has been funnelled through Ireland. That's because NS Financial Services, 100% owned by NS, bought the trains, then leased them back to NS, while being incorporated in Ireland. In doing so, its profits have come under Ireland's 12.5% company tax rate, rather than the 25% prevailing in the Netherlands.
The Dutch state railway is under serious fire for leasing its trains in low-tax Ireland. And its not the only operator to do so