Act now on corporation tax to avoid worse pain later
WE were warned! Last summer, two of the most influential senators in Washington branded Ireland a tax haven. Earlier this year, the governor of California made barbed comments about our tax system while the Taoiseach was in the room.
The European Commission began investigating our relationship with Apple. Now President Barack Obama himself has cited Ireland in an attack on US firms that move abroad to avoid taxes back home.
The Government is reacting with the usual guff. President Obama's comments are being "studied" and even "welcomed" in some quarters. The truth is that the Government has missed a trick; we should have reformed our tax system years ago and acted to prevent it from becoming a global object of derision.