Oireachtas Joint and Select Committees

Wednesday, 11 June 2014

Committee on Finance, Public Expenditure and Reform: Joint Sub-Committee on Global Corporate Taxation

Reform of Global System of Corporation Tax: EU Commission and KPMG

3:00 pm

Mr. Philip Kermode:

The code group is not a traditional EU instrument. It is the member states of the Union meeting in the Council. It operates a form of peer review. Until now, when a regime has been found to be harmful, it has been rolled back or removed or those harmful aspects that were identified have been changed. It would be a difficult political situation if all other member states in the code claimed a member state's regime failed the criteria but it did not change.