Bruton: Scrapping of 'Double Irish' provides certainty for companies

Jobs Minister Richard Bruton has said the scrapping of the "

Double Irish" tax loophole provided certainty for companies who know the days of their activities are numbered.

Bruton: Scrapping of 'Double Irish' provides certainty for companies

Thu, 16 Oct, 2014 - 11:38

Jobs Minister Richard Bruton has said the scrapping of the "

The coalition announced in the Budget that the structure in Irish law that allowed multinationals to cut their tax bills will be phased out.

In delivering his Budget speech, Finance Minister Michael Noonan said: "I am abolishing the ability of companies to use the 'Double Irish' by changing our residency rules to require all companies registered in Ireland to also be tax-resident."

The law will kick in on January 1 next year for new companies, but firms already benefiting from the loophole will have until the end of 2020 to comply with the changes.

Government Ministers have phoned and written to US companies to assure them that Ireland remains a key location for investment.

Minister Richard Bruton's told the Dáil this morning that Ireland had taken a global lead in international tax law.

"We will have the certainty for people that they will have a long lead-in time to deal with this and we are offering a very competitive (investment) environment," he said.