In 2013, it was revealed that NS had been using a subsidiary in Ireland, NS Financial Services Company (NSFSC), to reduce its tax liability in the Netherlands. The procedure was determined to be lawful, but it was unfavorable for the Dutch taxpayers for a state-owned company to avoid national taxes. From 1998 the NS used the favourable tax climate in Ireland, which resulted in a profit for NS of more than €270 million but a loss to the Dutch state of €21 million in 2012 alone. The corporate tax rate in Ireland was 12.5%, in the Netherlands 25% at that time.