Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I have answered the question. Ghana approached Ireland in 2014. We finished the negotiations in 2016 before the multilateral convention was concluded. We are now concluding the multilateral convention and we are satisfied that we are not at a minimum standard by any manner of means. We accepted all of the minimum standards and the best practice standards. We have some concerns about a multilateral convention. Having said that, if countries choose not to implement the multilateral convention through legislation, we can deal with them bilaterally by updating current agreements.

We are satisfied that this is the right thing to do. As I said to Deputy Ó Broin, even before the first OECD report on BEPS was published, Ireland moved on BEPS as well as tax avoidance and aggressive tax planning by some companies. We will not in any way facilitate such practices. We have the opportunity, when we move to the multilateral convention, to conclude this matter. If any country does not implement the convention, we will deal with it unilaterally. The Deputies can only ask us to do so much. Ghana, in which we have modest levels of investment of approximately €43.5 million, approached us. Double taxation agreements are good for business internationally. When companies are subject to double taxation, it leads to aggressive tax planning, as happened in the past. That is what happens if one does not deal with the issue.

The OECD is a well respected body and it will be a matter for it to ensure the treaties, over which it has oversight, are implemented.