Saturday 24 March 2018

Clean-up no threat to big firms here, says Noonan

Finance Minister Michael Noonan insisted that the "Lough Erne declaration" on cleaning up corporate taxation would not affect the presence of multinational companies here.

He said the OECD would take the lead role in implementing the directive – and he hoped it would result in action.

"We're co-operating fully with the OECD. We would like if these things were cleared up and cleared up quickly," he said.

Mr Noonan also said that the Government was supportive of the move by the G8 leaders to increase the sharing of information between tax authorities.

He said the Government had already managed during the EU Presidency to get agreement to start negotiations with countries like Switzerland, Luxembourg and Austria about sharing banking information.

"So when individual citizens put their money in banks in other countries for the purpose of tax avoidance or tax evasion, the information will be passed back to their own authorities," he said.

But Mr Noonan declined to say if taxes would be cut in the October Budget. "It's only the month of June. We'll talk about the budget later on," he said.

Mr Noonan was speaking at an event to promote business and culture in his native Limerick at the Smock Alley Theatre in Dublin.

The joint communique issued at the end of the summit also addressed the economic crisis, and said "downside risks" in the euro area had decreased in the past year. It highlighted the need for banking union and said bringing state finances under control "needs to go hand-in-hand with well-designed growth strategies, including growth-oriented structural reforms".

And it called on the OECD to "develop a common template for country-by-country reporting to tax authorities by major multi-national enterprises, taking account of concerns regarding non-co-operative jurisdictions".

Irish Independent

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