Michael Noonan: Pfizer's mega deal with Allergan is no threat Ireland's corporate tax rate

Finance Minister Michael Noonan has rejected suggestions that a $160bn (€150.3bn) mega tie-up between US rivals Pfizer and Allergan will throw Ireland’s low corporate tax back into the world’s spotlight.

The deal — the biggest ever for the world’s pharmaceutical industry—is being driven in a large part by Irish tax considerations. A major advantage for New York-based Pfizer is that the deal will allow it to piggy back off Allergan’s Irish tax domicile and slash its US corporation tax bill.

The new pharma behemoth will be 56% owned by Pfizer and will help it tap a lower tax rate here than Pfizer currently pays in the US.