Mr. Brian Keegan:

With regard to the criteria for a tax haven, there are two wings to it. One is a low or non-existent tax rate, coupled with a lack of substance and secrecy in transactions. They are the essential components. Admittedly, we have a low corporation tax rate of 12.5%, and that is recognised. In terms of transparency, we have very clear legislation. We have very clear procedures laid down by the Revenue Commissioners.

There is an excellent range of links for an information exchange between Revenue and other revenue authorities worldwide. In terms of a key criterion - substance - it has been established by the European Court of Justice that the tests are applied by Ireland to ensure those who wish to avail of the 12.5% rate can only do so if they have a substantive presence in the country. For these reasons, I contest any suggestion that Ireland is a tax haven.