‘No firms hit by tax clampdown’

Not a single company has contacted the tax authorities to say they have been affected by changes announced in the budget as part of Finance Minister Michael Noonan’s clampdown on international tax avoidance.

In October’s budget, Mr Noonan included a measure that required any company incorporated in Ireland to be tax resident either in this country or another jurisdiction.

Multinationals had been exploiting a loophole in the Irish tax system that enabled them to incorporate companies here that were not tax resident in any other state.