Jack Chambers (Dublin West, Fianna Fail)
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119. To ask the Minister for Finance the measures he will be take to ensure all Irish registered companies comply with tax laws, given the release of the Panama papers; and if he will make a statement on the matter. [6946/16]

Michael Noonan (Limerick City, Fine Gael)
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The recent revelations uncovered by the International Consortium of Investigative Journalists regarding the so-called "Panama Papers" has caused widespread disquiet internationally.

I understand that the Revenue Commissioners are currently seeking access to all the information of relevance from an Irish tax perspective.  It would then be a matter for the Revenue Commissioners to decide whether Irish tax has been avoided and, if so, whether the arrangements should be challenged either under specific sections in the tax code or by using the general anti-avoidance legislation.  If it is found that the Irish tax base has been eroded, then action would be taken as appropriate.

I have written to the Chairman of the Revenue Commissioners to express my full support for their initiative in this regard.

International tax evasion is a worldwide problem which can only be tackled effectively when countries work together.  Ireland has been fully supportive of the OECD BEPS process and will continue to be. Ireland is also supporting work at EU level to increase fiscal transparency through initiatives like Country by Country Reporting. In this regard I am delighted that Ireland was one of the first countries to legislate for Country by Country reporting in the most recent Finance Act.