Ireland ‘not undermined’ by EU tax swoop

Wide-ranging tax rules designed to recoup much of the estimated €70bn multinationals underpay in the EU each year will not adversely affect Ireland’s attractiveness to foreign direct investment, according to state and private tax experts.

Ireland’s implementation of new, similar recommendations from the OECD to reduce tax minimisation and avoidance was described as “quite remarkable” by European taxation commissioner Pierre Moscovici.

An analysis of the tax loopholes in each EU country showed that Ireland was not quite the international delinquent it has often been portrayed as, having fewer loopholes than the EU average, as revealed in the Irish Examiner last week.