Action plan to force changes on aspects of corporate tax

A comprehensive global action plan on corporation tax systems revealed by the OECD will force Ireland to change some of the elements that have made the country attractive to multinational companies.

It specifically addresses tax loopholes including the ‘double Irish’ one that led to Ireland being criticised when the likes of Apple and Google shift profits through the country and pay minimal or no tax anywhere. Corporate tax rates are not an issue.

The proposals, which involve 140 countries, cover seven of 15 aspects of profit shifting and base erosion as requested by the G20.