PWC Says Ireland Could Benefit From Tax Haven Clampdown

by Jason Gorringe, Tax-News.com, London

11 April 2002

Speaking at the annual Finance Dublin conference on Tuesday, Pat Wall, Partner and Financial Services Leader at PricewaterhouseCoopers, suggested that Ireland stands to benefit from recent initiatives clamping down on tax havens.

'Ireland has a powerful combination of low taxes, high regulatory standards, transparency and membership of the OECD and the EU,' he told delegates, adding that: 'If we play our cards right we are set to benefit hugely as the legitimate offshore money moves away from the threat of taint in the traditional tax havens.'

However, in the changed international climate which has followed recent accounting blunders such as the Enron debacle, Mr Wall warned that Ireland needs to get the balance right in terms of reforms to the accountancy profession, and should be 'extremely careful' that it doesn't impose a higher compliance burden on the profession than any other country.

'We should not create barriers but should ensure that we comply with the highest global standards...and not turn it into a witch hunt,' he concluded.

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