IRELAND FACES OECD PRESSURE ON CORPORATE TAX REGIME - The Government is coming under pressure from the Organisation for Economic Cooperation and Development (OECD) to unwind some of the most contentious elements of Ireland’s corporate tax regime. As the Paris-based body set out the first phase of a plan to overhaul global rules to ensure big firms pay more tax, the chief architect of the proposals told The Irish Times that Dublin should move sooner rather than later to scrap a contentious scheme known as the “double Irish”. The arrangement, used by major firms including Google’s Irish unit, plays on the difference between Irish law and offshore jurisdictions to help the company in question to curtail its tax liability. Without naming any particular firm, director of the OECD centre for tax policy Pascal Saint-Amans said Irish moves in anticipation of change elsewhere would benefit Ireland’s reputation. “There is an issue because Ireland has been misused by a number of companies to locate the profit in Bermuda,” said Mr Saint-Amans. “Is Ireland guilty? Of course not. It’s being used. And now we’re providing all the countries instruments to protect themselves from that. Would Ireland move to anticipate these changes? That may be a good move that I think your government is considering.” The OECD proposals mark the first phase of an effort by the global community to create a single set of international tax rules to ensure large companies pay their fair share of tax throughout the world.
Posted on: Wed, 17 Sep 2014 09:24:13 +0000
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