Headlines about Apple’s ‘tax haven’ has little impact on Irish bonds

As the country’s leaders try to limit the fallout from the tax crossfire between Apple and US politicians, bond markets suggest they don’t have to worry.

Speaking to lawmakers in Dublin two days ago, Finance Minister Michael Noonan insisted the country is no tax haven, a day after a congressional hearing in Washington focused attention on Apple’s manoeuvres to minimise its tax bill through its operations in Cork.

“Maybe there was a magician,” said Mr Noonan, adding that Ireland didn’t “want to be a whipping boy for misunderstandings” over Apple’s tax liabilities. “But the magician wasn’t resident down in Cork.”