Irish development organisations have dismissed the European Commission’s latest attempt to crackdown on global tax avoidance as a “woefully inadequate” token gesture.

International tax policy changes being considered by the OECD could shave €1bn off Ireland’s annual multinational tax take, a Dáil Committee has heard.

The Department of Finance is launching a consultation process to examine the way the country’s corporate tax system affects developing countries.

Charities are warning of crippling food price rises here and worldwide if immediate action is not taken to counteract the effects of climate change.