Ikea brand owner Inter Ikea could be ordered to pay millions in Dutch back taxes by the end of the year, two sources said, as EU competition enforcers push on with their crackdown against unfair tax deals granted to multinationals.

Furniture company Ikea confirmed it is pursuing a growth agenda in Ireland but stopped short of confirming a new Cork store as it announced global profits of €3bn for the financial year.

Ikea is planning to enter South America and expand in Southeast Asia in its quest to dominate the world’s home furnishings market.

Ikea has grown into a global brand by tapping into customers’ fondness for DIY and, as its founder Ingvar Kamprad quits the board, the flatpack giant is looking to carve out an even bigger slice of the market, writes Kyran FitzGerald