Joan Burton (Dublin West, Labour) | Oireachtas source

In terms of the direction international tax affairs are going, the discrepancy between a 12.5% rate and a 2% to 6% rate for foreign banks, which I suspect are largely registered in the IFSC, is very large, and in his reply the Minister seemed to concede this. We deserve a more detailed response on what is actually causing this. I know timing can affect the difference between effective tax rates and rates per accounting profits, but what is it that these companies are doing that they are able to reduce their tax to 2% or 6%? Do they have some extraordinary level of capital or equipment investment which allows them make large capital write-downs?

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