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IRELAND HAS MADE mistakes in putting together its tax system in the past – and the country needs to learn from those failures, Michael Noonan says.
But the finance minister also said the country had been unfairly “caught in the crossfire” of sniping between the European Union and US multinationals when it came to corporate tax avoidance.
Noonan today told a tax conference, put on by the Institute of International and European Affairs (IIEA) and KPMG, that it was “no coincidence” most European Commission state-aid investigations – like the outstanding probe into Ireland’s claimed “sweetheart” deal with Apple - had been targeted at American companies.
“It is not right or fair in my view that only US companies should be targeted in the international debate on the appropriateness of global tax laws,” he said.
Mistakes, we’ve made a few
He said Ireland “like many others” had made mistakes in setting up its tax system, for example in property-related breaks which were “allowed to continue for too long with no rationale behind their maintenance”.
“The lessons learned must also be born in mind when determining our international tax strategy,” he said.
The so-called Double Irish tax regime was never part of Ireland’s tax code, what’s more it was not a sustainable way to build a thriving foreign direct investment sector for the long-term.”
In this year’s Budget, Noonan announced he was closing the much-criticised loophole which allowed multinationals to shift their profits offshore by setting up Irish-registered companies with tax bases elsewhere.
He added that the Apple state-aid case against Ireland was “weak” and added that the country would use “every legal avenue open to defend our position” if the commission ruled against the government.
A level playing field needed
But he said the country welcomed the OECD’s Base Erosion and Profit Shifting (BEPS) plan, designed to address multinationals’ international tax avoidance measures, as long as it created a level playing field for everyone.
“EPS must not be about advantaging big countries over small countries and, equally, it must not be used to single out US multinational entities,” he said.
“If BEPS took this course it would merely be playing to the gallery and not be focused on real tax reform.”
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Noonan: We love multinationals
Noonan: We will tax the working classes into the ground
Noonan: as a bond holder I demand the little people pay
Noonan is one big mistake
Does he include, breaking every promise that he and The Government made to the Irish Population, in that statement ?
He is definitely a laugh a minute , that man !
Cannot wait to see their faces, after the March of a Nation, on 10th December !
I can see that… the reducing deficit and decreasing jobless numbers are a complete disaster.
We need to get some recession with a side order of bankruptcy in here quickly.
How many of the reducing joblessness you speak about are on jobsbridge or have left the country? And the economic upturn you speak of really isnt trickling down to the working man. Most of these numbers on paper you speak of mean little to the majority of people i know. Just bluster from a govt. that has failed and continues to fail the working people of ireland . No amount of spin will change the viewpoint of a lot of people in ireland about what they feel about this govt
Being the fastest growing economy in Europe is just OECD spin.
Not hard to be the fastest growing economy in a stagnant europe. Still doesnt translate to an improvement in the majority of peoples financial situation
Are you claiming credit brother PSOB ? – Should we vote for you as Taoiseach for putting the frighteners on the current government comrade ?
Comrade Ryan, nobody comes before the Struggle.
PSOB = FG TROLL
l.o.l. …..
I wish that gom would stop pretending he has autonomy. He chooses to serve different masters and we will see that when his time is up.
What exactly should Michael Noonan do to prove he has autonomy?
he should draw the old age pension like most people his age instead of free-loading and hanging with the big boys that are clearly Eire’s enemies …..
“He added that the Apple state-aid case against Ireland was “weak”” looks like we are in trouble….
I see he shelved Enda’s seismic shift last week as well. Can’t trust the man I’m afraid.
Fine Gael’s biggest problem is at 22% and dropping in the polls – businesses are going to see them as weak and drift away having cleaned them for all they can heap on the National Debt – it will be Enda and Mike left facing the wrath of the voter …….
And no Michael we are not falling for the sympathy vote – you got two bye-elections out of it – enough to lull you into over-confidence with Irish Water – ignored too many points of Republican law and principles to ever be considered an Irish Party ever again !
Jumping on hot coals trying to keep the rich happy, this dirtbag has no conscience
Rich companies. Please get it right at least. No rich individuals are happy in the slightest.
Karma heading for you Noonan after the way you treated the hepatitis woman.
whats going on with Bulldog Noonan,is he pretending to be sincere again.
Top picture – Oh holy sweet jeesus, does the country despise me that much?
Yes we do despise him after telling us USC is here permantly.
“But the finance minister also said the country had been unfairly “caught in the crossfire” of sniping between the European Union and US multinationals when it came to corporate tax avoidance.”
Hardly.
Mr Noonan, stop telling porkies, you know very well ,they just want to get some taxes from their big tax dodging companies, who use brass plates in places like the the IFSC (“Luxemburg on the Liffey”) in order to pay a pittance in tax, to the Irish government-and nothing to anybody else.!
I hear that King John of the Brutons is pseudo king in Luxembourg of the Liffey – some say he has gone quite barking mad – it’s hard to tell since he was put back in his gold-lined suite with his soother to stop him cursing like there’s no tomorrow !
His sibling Prince Dick is some shitstorm as well I hear with journalists and others hounding his once mono-sylabised outbursts …… “Jaaaabs”
Acting wouldn’t have been noonans strong point, neither is politics.
No sh.t Sherlock!!
Phenomenal finance minister.
We’re lucky to have him step up in Ireland’s time of need and apply his steady hand, cool head and experience.
Following the plan agreed by FF and the Troika John?
Think Brigid McColes family migjt have a differing opinion. http://m.independent.ie/irish-news/noonans-image-tarnished-by-the-hepatitis-c-scandal-26095408.html never forget
Yes John, all that primary school teaching experience is really standing to him as minister for finance.
The same steady hand and cool head that saw him lead the party to utter destruction in 2001. The same cool head that made him hound Bridget mcCole into an early grave? Any other country he’d have been fuked out of politics yrs ago but not in this corrupt cabal of a place. Gahan you need to wake up and smell the coffee. No doubt you are related to or are an F.G. politician. Your future as a party looks verrry bleak
Johngahan you are so funny, your comments are those of a deranged FG windowlicker! Go back to bed and lie down bud!
You are a mistake michael, I’m sure your parents regret conceiving you.
Michael No-one
Political Parties are just Private Clubs that pass Pro-Lobby Laws not Pro-citizen Laws.
Michael Noonan has passed Anti Citizen Laws.
- giving Revenue powers to take money from pay and pensions …. “soviet stuff” .. a disgusting place to live.
- regressive anti citizen laws: Car Tax, LPT, Water Tax …
“Citizens are waiting in the long grass!”
Cant wait for the 10th Dec please people be ready to frighten the s..t out of Kenny Noonan and co. No more FG
Why put that photo of Noonan on the Journal it makes it look like he cares about us me whiney voice couldn’t give a toss about the people of Ireland give him horns it would suit his profile better
Jas?s he really thinks we are fools roll onn elections
A good point in our favour is the fact that they have never,ever, been r-elected. And the great odds are that they will run true to form yet again – not re- elected.
Last time it was VAT ON CHILDREN’S SHOES !!! What idiot would follow a disaster like that with a Water Tax??
Whoops — Enda.
The Apple state aid case is weak – about as weak as Jobsbridge, TUS and CE schemes are which do absolutely nothing apart from massaging the figures by taking young unemployed off the live register. These schemes completely ignore long-term or mid term unemployed. It is very difficult for long- term unemployed (or former homeless) to secure any private sector jobs but ironically – it also seems to be actually near impossible for them to secure any public sector basic roles. Why is this?
If the government aren’t prepared to employ train/retrain they should be providing tax incentives or something to encourage private sector employers to do so – private employers and FDI companies such as Apple Inc.
And the Oscar goes to Michael Noonan for i give a f…k
Your kidding
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