Mairead Farrell (Galway West, Sinn Fein)
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This is definitely an area that needs to be examined by the Department. For example, we know that one group has companies based in Luxembourg which are used for intra-group financial transactions. These companies had no employees in 2018, produced €123 million in profits in a recent financial year and paid very little tax. One of the advantages of using Luxembourg for intra-group financing arrangements is that the taxable profits of companies in other jurisdictions can be reduced by way of payments made to companies in Luxembourg, which, in turn, pay little or no tax. This is something the Department needs to look at.