Ireland the biggest corporate tax haven in the world, report finds

Ireland is being described as the biggest corporate tax haven in the world.

A new study by economists in the US and Denmark shows the country is being used by multinationals to shelter profits.

The research estimates that foreign multinationals moved €90bn of corporate tax profits to Ireland in 2015 which was more than all of the islands of the Caribbean.

The Department of Finance last night rejected much of the findings and described them as "overly simplistic".

Business Journalist Vincent Wall says the study estimates that Ireland is the number one destination for moving taxes to.

''The research from the University of California Berkley and the University of Copenhagen estimates that foreign multinationals channelled $106bn of corporate profits through Ireland in 2015 alone,'' he said.

''That's more that year than all the islands of the Caribbean combined, and well ahead of Singapore and other EU countries that use tax policies to attract investments.''

-Digital Desk

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