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Tuesday 23 September 2014

What draft Oireachtas Finance Committee report says

Published 26/07/2014 | 02:30

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Ireland's Corporation Tax Revenues of €4bn a year could be halved under new OECD clampdown on international tax rules.

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* There is a broad consensus that Ireland is not a tax haven, however Prof Jim Stewart of Trinity College Dublin says Ireland "does have features of a tax haven".

* Ireland's 12.5pc rate applies equally to multi-nationals as well as Irish owned companies.

* Ireland is right to have a competitive corporation tax rate, which gives us a competitive advantage over larger countries in mainland Europe.

* Ireland cannot change the "double-Irish" arrangement by itself.

* Ireland is not "uniquely malignant" in terms of its corporate tax, but there are flaws internationally.

* The furore over our Corporation Tax rate is causing "considerable reputational damage to the Irish economy to the point of ridicule," said Michael Taft in the report.

* Prof Jim Stewart says Ireland's effective Corporate Tax Rate is 2.2pc, but Conor O'Brien of KPMG says "such talk is completely wrong".

* Apple and associated companies have "very limited links" with Ireland, despite being incorporated here.

* Figures show Apple was able to reduce its US corporate tax bill by $12.5bn in two years by having a base in Ireland.

* According to its latest 10k filing in the US, Apple has a deferred tax liability of $35bn.

* Ireland cannot take unilateral action to fix its corporate tax rate, but must move in a multilateral way with other countries.

Irish Independent

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