Oireachtas Joint and Select Committees

Thursday, 6 July 2017

Public Accounts Committee

2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015

9:00 am

Mr. Derek Moran:

It is part of a bigger process. In the corporate tax space, there has been this base erosion and profit shifting, BEPS, process. Part of the drive of that was to take intangible assets out of tax havens, usually small islands in the Caribbean, and bring them onshore to countries that had substantive and positive tax rates. It is part of that process. In some respects, the scale of it was more surprising than anything else. Some of the impact on the national account is a result of the way the onshoring was structured. What one will see over a period of years is more and more multinationals taking those intangible assets out of the Caribbean and bringing them into-----