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Ireland Engaging In International Tax Talks

by Lorys Charalambous,, Cyprus

07 July 2014

Ireland's Government is working towards a global solution to challenge aggressive tax planning in the context of the Organization for Economic Cooperation and Development's (OECD's) base erosion and profit shifting (BEPS) work, but a change to Ireland's corporate tax policy is off the cards, according to Eamon Gilmore, Ireland's Minister for Foreign Affairs & Trade.

Delivering his keynote address to the Ireland-France Chamber of Commerce on June 25, 2014, Gilmore reiterated that government officials, including Prime Minister Enda Kenny, "were at the OECD in Paris to discuss [international tax matters] a few months ago, as part of an exercise in planning our post-program economic strategy."

Gilmore said that concern raised about the Irish corporate tax rate, as discussed with the then French President Nicolas Sarkozy, "has not gone away entirely," but ventured that "the French approach at [a] political level is now more level-headed, as indeed is the Irish one."

"The rhetoric has calmed in both directions, and I would stress that it should stay calm. There is, I believe, realization that one country's concerns will not be solved by trying to force a change in another country's tax arrangements," he added.

Michael Noonan, Ireland's Finance Minister, recently confirmed that there would be no shift in Ireland's corporate tax rate. Noonan pointed to the results of an OECD multi-country study, which found that a one percent hike to the corporate tax rate could reduce inward investment by about 3.7 percent. A rate reduction, on the other hand, could aid inward investment, but the Government has made it clear that the 12.5 percent rate will stay.

TAGS: compliance | Finance | tax | investment | business | tax compliance | Ireland | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | corporation tax | ministry of finance | tax authority | agreements | multinationals | legislation | tax planning | transfer pricing | tax rates | France | tax reform | standards | regulation | trade | European Union (EU) | Europe | Tax | Tax Evasion

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