Headquartered in Milpitas, California, SanDisk Corp., the vendor of flash memory storage cards and MP3 players is cutting jobs. It recently informed that under cost cutting measures it would slash as many as 250 jobs from its global workforce. It has also assigned 2005 revenues and profits to a holding company which is registered in Ireland (it employs 50 people in Ireland). Why Ireland? Well, because the country offers 12.5 percent corporate tax rate extremely favorable compared to many a European Union nations.
In the country after eight months of operation (it started in April 2005) SanDisk Manufacturing Ltd. has made a net profit of $105.96 million. SanDisk was also used to buy and account for outsourced manufacturing services.
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