Eight of top 100 multinationals pay no tax on profits

Ireland is losing out on billions of euro every year because eight of the 100 most lucrative Irish-based multinationals pay no corporation tax and five more have a tax bill of less than 1%.

However, the Revenue Commissioners and the Department of Finance have staunchly defended the current system, with Revenue chairman Niall Cody insisting “I don’t believe Ireland is a tax haven”.

The details emerged at the Dáil’s Public Accounts Committee, just hours after US President Donald Trump launched a fresh attack on Ireland’s tax laws.