Michael Noonan

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Michael Noonan

Minister of Finance, Ireland

Michael Noonan

As Finance Minister, Noonan has helped to place Ireland as Europe’s ultimate trend-setter when it comes to tax competition. He stands firmly committed to the country’s 12.5% corporate tax rate in the face of criticism and opposition from other European Union member states including France and Germany, and has created one of the most favourable intellectual property (IP) regimes in the world.

While his policy of reducing VAT for the tourism industry last year (the move to 9% was intended to be temporary but has been retained in the latest Budget announcement) is presumably being closely tracked by neighbouring Britain as a method of boosting the sector and stimulating employment. George Osborne, UK Chancellor of the Exchequer, has faced calls to include a sector-specific VAT cut in his Autumn Statement announcement.

And while many have accused Ireland of being a tax haven, Noonan also signed an intergovernmental agreement with the US regarding FATCA, which should provide certainty to Irish financial institutions and enable early understanding of compliance requirements. Noonan heralded the signing as an example of Ireland’s commitment to tackling tax evasion.

“This agreement aims to combat tax evasion by providing for the automatic exchange of tax information,” said Noonan. “Reaching such an agreement with the United States will be of benefit to Irish business.”

Further reading

Why Ireland is right to stand by 12.5% rate

Ireland Budget 2014: Open for business

Ireland and US sign FATCA agreement in Dublin


The Global Tax 50 2013

« Previous

Richard Murphy

View the complete list

Next »

Jeffrey Owens

more across site & shared bottom lb ros

More from across our site

Canadian Prime Minister Mark Carney and US President Donald Trump have agreed that the countries will look to conclude a deal by July 21, 2025
The firm’s lack of transparency regarding its tax leaks scandal should see the ban extended beyond June 30, senators Deborah O’Neill and Barbara Pocock tell ITR
Despite posing significant administrative hurdles, digital services taxes remain ‘the best way forward’ for emerging economies, says Neil Kelley, COO of Ascoria
A ‘joint understanding’ among G7 countries that ‘defends American interests’ is set to be announced, Scott Bessent claimed
The ‘big four’ firm’s inaugural annual report unveiled a sharp drop in profits for 2024; in other news, Baker McKenzie and Perkins Coie expanded their US tax benches
Representatives from the two countries focused on TP as they met this week to evaluate progress under a previously signed agreement – it is understood
The UK accountancy firm’s transfer pricing lead tells ITR about his expat lifestyle, taking risks, and what makes tax cool
Dolphin Drilling intends to discuss the final liability amount and manner of settlement with HM Revenue and Customs
Winning the case against the 20% VAT imposition was always going to be an uphill challenge for the claimants, UK tax advisers argue
A ‘paradigm shift’ in Chile’s tax enforcement requires compliance architecture built on proactive governance, strategic documentation and active monitoring of judicial developments
Gift this article