Pearse Doherty (Donegal, Sinn Fein)
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174. To ask the Minister for Finance his views on whether international banks are booking their profits through the State for the purpose of tax efficiency; and if he will make a statement on the matter. [16263/17]

Michael Noonan (Limerick City, Fine Gael)
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I assume that the Question is referring to comments made in a recent report published by Oxfam.  The report, and the figures it is based on, provide limited information on the nature of the activities that the companies concerned carry out in each country in which they operate.  Whether a company is correctly allocating profits among its activities is a question for the tax authorities in the countries in which the company operates.  Ireland has been, and remains, committed to ensuring that tax authorities have access to all relevant information.  

I want to reiterate that Ireland's corporate tax policies are designed to attract real and substantive operations to Ireland.  We only want real and substantive FDI, the kind that brings real jobs and investment. Ireland has not been and will never be a brass plate location.

The OECD has made a series of recommendations, as part of the BEPS process, which are designed to give tax authorities the tools necessary to ensure that profits are correctly attributed to the country where the economic activity which generates them takes place.  The BEPS recommendations will greatly enhance the ability of participating countries to ensure the correct alignment of tax and substance and Ireland is playing its part in the implementation of these recommendations.  

The terms of reference of the review of the corporation tax code being undertaken by Mr Seamus Coffey includes examining further implementation of Ireland's commitments in this area.