International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

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 & bottom lb ros

More from across our site

David Pickstone and Anastasia Nourescu of Stewarts review the facts and implications of Ørsted’s appeal at the Upper Tribunal.
The Internal Revenue Service will lose the funding as part of the US debt limit deal, while Amazon UK reaps the benefits of the 130% ‘super-deduction’.
The European Commission wanted to make an example of US companies like Apple, but its crusade against ‘sweetheart’ tax rulings may be derailed at the CJEU.
The OECD has announced that a TP training programme is about to conclude in West Africa, a region that has been plagued by mispricing activities for a number of years.
Richard Murphy and Andrew Baker make the case for tax transparency as a public good and how key principles should lead to a better tax system.
‘Go on leave, effective immediately’, PwC has told nine partners in the latest development in the firm’s ongoing tax scandal.
The forum heard that VAT professionals are struggling under new pressures to validate transactions and catch fraud, responsibilities that they say should lie with governments.
The working paper suggested a new framework for boosting effective carbon rates and reducing the inconsistency of climate policy.
UAE firm Virtuzone launches ‘TaxGPT’, claiming it is the first AI-powered tax tool, while the Australian police faces claims of a conflict of interest over its PwC audit contract.
The US technology company is defending its past Irish tax arrangements at the CJEU in a final showdown that could have major political repercussions.