Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I am precluded from discussing the tax affairs of any particular individual or company, nor can I discuss the tax administration regimes established in other jurisdictions. However, I advise the Deputy in general terms that a recently published report of the United States Senate Permanent Subcommittee on Investigations of their hearings on offshore profit shifting and the US tax code gave prominence to the tax arrangements of two US multinational corporations, both of which have operations in Ireland. The report finds that US multinational corporations are able to reduce their tax liabilities significantly by legal international tax planning arrangements - there was no allegation of fraud or evasion - and makes recommendations on how US tax law could be improved.

Ireland is rightly not mentioned as a tax haven in the report. The international community does not regard Ireland as a tax haven. Ireland has a comprehensive taxation system covering income, capital and indirect taxes. Tax treaties with the United States and many other countries confirm our international standing. The January 2011global forum peer review report on Ireland's legal and regulatory framework for transparency and exchange of information found that Ireland had an effective system for the exchange of information in tax matters and was fully compliant with OECD standards.

Ireland is bound by the same rules on state aid, the code of conduct on business taxation and rulings of the European Court of Justice as all EU member states. Ireland does not support harmful tax competition. Ireland continues to participate fully in the EU code of conduct group, which addresses harmful tax competition, and in the OECD forum on harmful tax practices.

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