Broadcom’s shift to Ireland is a blow to already troubled electronics sector
BY CHIA YAN MIN
A large American chipmaker has moved some operations out of Singapore to Ireland, which is likely to weigh on the already troubled electronics sector here.
Broadcom, a Fortune 500 company based in California and listed on Nasdaq, said in its latest annual report that after March 31 this year, it would “utilise (its) Irish trading company for certain foreign operations”.
The move coincided with the termination of tax incentives that it enjoyed in Singapore, which it said ended in March.
The incentives reduced its Singapore taxes by US$423 million (S$528 million) last year and by US$399 million in 2012.