Financial giants decline PAC corporate tax meeting

Two multinational financial giants have snubbed an official request to appear before the Dáil’s spending watchdog to answer questions over corporate tax loopholes.

Financial giants decline PAC corporate tax meeting

JP Morgan and Citibank have formally ruled out appearing before the Public Accounts Committee (PAC).

The PAC last month asked six multinationals with significant bases here to appear before the committee early in the new year due to concerns over our tax system.

The decision to ask JP Morgan, Ciitbank, Google, Apple, GSK, and Pfizer to attend was in response to the Paradise Papers expose and revelations that eight of the top 100 firms in Ireland effectively pay no corporate tax.

The PAC had intended to question the six firms over their experiences of alleged corporate tax loopholes. However, JP Morgan and Citibank have said they have no intention of appearing.

“We do not consider that Citibank Europe plc would meaningfully advance the committee’s deliberations in any more detail than the information that is already in the public domain,” Citibank Europe chief Zdenek Turek wrote in a letter to the PAC on December 4, which was released yesterday.

His counterpart at JP Morgan, Carin Bryans, wrote on December 7: “We do not believe our office would be appropriate for the needs of your inquiry. We respectfully decline the invitation to attend.”

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