US software group PTC cut its Irish tax bill by 77 per cent to $151,000 (€132,000) in the same year it recorded a 900-fold increase in pretax profits to $240 million, latest filings show.The Boston-based tech company, valued at almost $15 billion, develops software for manufacturers and technology to connect complex machinery to the internet. It recorded global revenues of $2.4 billion in the year to the end of last September. Latest accounts for the Irish subsidiary of PTC, which cover the same period, show it recorded a pretax profit of $239.8 million (€209.6 million) in the period, a 937-fold increase on the $256,019 profit in 2024.The company’s balance sheet recorded a total corporation tax charge of $35 million for the year, but the firm’s actual tax expense for the year came to just $151,606.The tax bill was reduced after the company utilised $34.9 million, of a $61.7 million balance, of deferred tax assets it built up due to years of losses.PTC’s Irish unit has accumulated losses of $896.4 million, which are primarily linked to its gradual “amortisation” of $1.3 billion worth of intellectual property (IP) moved to Ireland in 2014. The latest accounts show the IP, which was valued at $1.3 billion, has been amortised down – or reduced in value – to $4.8 million.Further details in the accounts for the Irish subsidiary PTC (SSI) Unlimited Company show its revenues rose from $597.2 million to $723.4 million in the year to the end of last September.Operating profits increased from $159.8 million to $393.4 million at the firm, which employed 56 staff in the year.Based on the headcount in Ireland, the company’s office here generated $4.2 million of pretax profit per staff member. Employees at the Irish office earned an average wage of $177,635 in the year. During the financial year, the company also paid a $400 million dividend to PTC Inc in Boston, while a further $365 million dividend was paid to its US parent following the September year end.The two directors of the company, one based in Ireland and the other in the UK, earned combined remuneration of $401,000, with $191,000 of that linked to share-based payments. Large multinationals have increasingly begun to use Ireland to house IP in their Irish subsidiaries in the past decade. The practice has led to many tech and pharma companies building up large deferred tax assets, which can be used to reduce their tax bills. US president Donald Trump has sharply criticised this financial practice and warned his America First policy would make United States companies repatriate IP.In one case, Coca-Cola was accused of using Irish company law to shield profits from the US taxman, the Internal Revenue Service (IRS). The case was centred on an IRS claim that Coca-Cola’s subsidiaries abroad should have paid more royalties to their US parent for the use of the concentrate used to make its drinks.