Noonan: Misinformation about corporation tax has damaged Ireland's reputation

Finance Minister Michael Noonan has said that Ireland's reputation abroad has been damaged by "misinformation" about our corporate tax rate.

Minster Noonan was taking questions from TDs at the Finance Committee meeting this morning during which the subject of the "double-Irish" loophole was raised.

The Minister says no "one small country" can change the tax practices of international companies - but says Ireland's tax policies are "transparent".

A Trinity College paper earlier this week claimed that multinationals only paid tax of 2.2% in Ireland in 2011.

Minister Noonan says that is not the case and Ireland's reputation abroad is suffering because of the reports.

"We have a very clear, transparent system but we took some reputational damage through misinformation," he said.

"I moved in the last Finance Bill to deal with the issue of companies incorporated in Ireland who aren't liable for tax anywhere - we moved to correct that."

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