Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

We oppose this Bill. It essentially allows a sunset clause for companies that have engaged in inversions, which is a tax avoidance strategy by American multinationals, where, through a paper exercise, they switch their headquarters to here in order to avoid tax. It is part of the global tax scam being perpetrated against the citizens of the world by these multinationals, which this country has been actively facilitating. The behaviour of these multinationals in engaging in inversions and other tax scams in quite a shameful manner is the single greatest contributory factor to the spectacular and growing wealth and income inequality across the world. Yet again, as in the case of the double Irish tax mechanism, because we are put under pressure on these matters, we have to finally and very reluctantly do something but we make sure that we provide a get out clause for the companies that have been engaging in this activity to date. It is worth mentioning in passing that the double Irish tax mechanism continues to be utilised by companies such as Google and Facebook. They are still evading their proper tax liabilities. They are using the double Irish tax mechanism because, despite the trumpeted headlines about it being closed down, in reality, it was extended. The companies using the double Irish tax mechanism were allowed, and will continue to be allowed, to do so for a number of years. No doubt as the Minister said, and as alluded to by the previous speaker from Sinn Féin, this legislation will prevent it in the future but, in reality, it is giving them time to find new ways to avoid tax rather than being forced to apply these accounting standards now.

I oppose this because it still facilitates the wider architecture of tax evasion by big multinational companies.

See this speech in context