Noonan: Corporate tax rate not under threat

Finance Minister Michael Noonan said that Ireland has little to fear from attempts by the world’s richest countries to get multinational companies to pay more tax, re-iterating that the country’s headline 12.5% rate is not under threat.

Some independent observers, however, say that, in time, Ireland will face more competition and its success in attracting large foreign direct investments will remain under scrutiny.

The OECD yesterday issued its final report on ways to reform global tax structures. Large companies have aggressively planned their tax structures for years and many pay very little tax in any country despite the huge profits they generate across the globe.