Noonan accepts tax profits plan
MAJOR changes to the international tax landscape have been proposed by a global economic think-tank, with big implications for Ireland.
Yesterday the Organisation for Economic Cooperation and Development (OECD) unveiled its first recommendations for a co-ordinated international approach to combat tax avoidance by multinationals.
The Paris-based organisation wants to create a single set of international tax rules and clamp down on the shifting of profits to jurisdictions to avoid paying tax.
Finance Minister Michael Noonan said Ireland has been involved in all aspects of the discussions and welcomes the publication of the reports.
"Significant progress has also been made in the areas of coherence, substance and transparency and while further work is required in some of these areas, the reports are a further step towards multilateral co-operation on countering base erosion and profit shifting by multinationals," he said.