European Commission may delay Apple tax ruling until after Christmas: Michael Noonan
Mr Noonan said yesterday’s jobs announcement for Apple’s Cork plant showed that the tech giant’s “enthusiasm” for Ireland had not waned “whatever the controversy there is around Apple’s tax status”.
Apple was “particularly important for the economy of Cork”, he said, adding that he hoped the tax issues would be resolved quickly as well.
Mr Noonan said he still had no clear reading on the likely outcome of the tax probe, and didn’t wish to prejudice the decision.
Mr Noonan said a preliminary investigation by the Revenue Commissioners into the sustainability of corporate tax for the State showed that revenues were “very broadly based”; and that the revenues were generated across the economy.
Because the Department of Finance had taken a conservative approach to the numbers, there shouldn’t be any problems with reaching corporate tax forecasts for next year, he said.
Mr Noonan said the Government would use any extra revenue to pay down the deficit, if corporate tax take were to overshoot targets.
He said he looked forward to a “genuine debate” next week in the Dáil on amendments to government plans to the so-called Knowledge Box patent incentives Ireland will offer companies.
Asked about the issue of tax inversion, whereby US-owned companies reincorporate in Ireland to avoid paying a higher level of US tax, Mr Noonan said that many tax issues had featured during US presidential campaigns, only to fade again when the election had passed.
