Plans to shake up the way governments tax multinationals, which could upend the decades-old Irish tax regime, are racing ahead, with an agreement possible by next summer.

Ireland is not a tax haven and has nothing to fear from proposed legislation that aims to clamp down on tax avoidance by multinationals, according to the head of tax policy at the OECD.

IRELAND has further tightened up its offshore tax evasion protection by signing up to the Joint Council of Europe/OECD multilateral convention on mutual administrative assistance in tax matters.