Companies with tax base here cost Ireland money, Minister claims

Companies declaring their headquarters in Ireland for tax purposes are actually costing us money, the Minister for Jobs has said.

Richard Bruton said Ireland doesn't want foreign companies coming here for tax-only purposes.

Bruton was responding to comments from US president Barack Obama, who claims some US companies buy Irish ones simply to use Ireland as a tax base.

Minister Bruton says Ireland wants to end that practice, because Ireland actually loses out on tax under the current system.

"[This is] an issue that has arisen because of features of the US tax law," Bruton said.

"I know President Obama is developing proposals to deal with that - we would support the development of such proposals.

"We don't believe that tax inversions are something that we should be— we don't want them, because they actually cost Ireland money."

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