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'We have made mistakes in the past' - Michael Noonan talks taxes

But he says Ireland has been “caught in the crossfire” of sniping between the EU and US multinationals.

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.

Budget Day 2015 Leon Farrell / Photocall Ireland Leon Farrell / Photocall Ireland / Photocall Ireland

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.”

READ: Juncker now wants to end tax loopholes his country rubber-stamped for years >

READ: Minister Bruton is going to the US to explain the death of the ‘Double Irish’ tax loophole >

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44 Comments
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    Mute John Staunton
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    Jun 15th 2015, 1:01 PM

    everyone approaches the comments section with apprehension waiting for that nob who can’t help themselves!

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    Mute Conor Power
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    Jun 15th 2015, 1:43 PM

    They are patrolling for spoilers.

    37
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    Mute Tony Canning
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    Jun 15th 2015, 9:25 PM

    Was just sitting down to watch the finale and decided I’d troll – posted on FB “Khalesi DIEDED?!”

    Almost instant reaction. Now I’m not going to say what did happen – but it was entertaining. I think I’m going to start every episode of next season by making a wild statement; hours of fun.

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    Mute John Quinn
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    Jun 15th 2015, 1:21 PM

    Low tech solution. Just don’t look at Twitter for 24 hours.

    132
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    Mute Mick Bacon
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    Jun 15th 2015, 1:31 PM

    The dragon eats the blond one .

    106
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    Mute Kevin Higgins
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    Jun 15th 2015, 12:44 PM

    I don’t think I’ve one friend stupid enough to post spoilers online, best filter ever.

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    Mute Jax Maxwel
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    Jun 15th 2015, 2:46 PM

    Its not your friends you should be worried about its some randomer in a comments sections telling you **** **** dies that’s the prob!

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    Mute Jax Maxwel
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    Jun 15th 2015, 2:48 PM

    Ah the journal has blocked **** **** name and foiled my evil plan.

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    Mute Derry Seery
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    Jun 15th 2015, 3:35 PM

    It’s also American websites because it aired last night. I opened my Facebook this morning and the first thing on my screen was an article about the finale!

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    Mute Ron North
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    Jun 15th 2015, 9:46 PM

    I watched on a live stream last night, Eddard Stark is back, and he’s angry!

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    Mute Conor Power
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    Jun 15th 2015, 1:43 PM

    R+L=J

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    Mute Anyway
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    Jun 15th 2015, 12:50 PM

    I think the article would have come in handy at the start of the season since the massacre of characters started well before episode 9 this time.

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    Mute Evin Lee
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    Jun 15th 2015, 1:21 PM

    spoiler alert

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    Mute Conor Power
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    Jun 15th 2015, 1:44 PM

    I like how the journal considers this a ‘business’ article as opposed to entertainment.

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    Mute Barry Flynn
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    Jun 15th 2015, 2:11 PM

    feck ye all. been on holidays for 3 weeks so have 3 episodes to watch. im drumk and spoiler free by not logging on to facebook. tomorrow will be the sweetest tv binge day ever.

    31
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    Mute Tony Canning
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    Jun 15th 2015, 9:29 PM

    The dwarf eats a mushroom – bashes head on many gravity defying walls – profit.

    9
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    Mute Barry Aston
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    Jun 15th 2015, 1:18 PM

    BBC News you shower of muppets!!!!

    28
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    Mute Chris lynch
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    Jun 15th 2015, 12:45 PM

    hardly spoilers considering the show is based on books.

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    Mute Keelan O'neill
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    Jun 15th 2015, 12:47 PM

    Programme has passed the books. There’s stuff happening in the show that has yet to be put into a book. Got rid of my copies pointless having them now.

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    Mute Colm Odinson
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    Jun 15th 2015, 12:48 PM

    Not everyone has read the books. Besides, it’s not a 100% faithful adaptation.

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    Mute Anyway
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    Jun 15th 2015, 12:49 PM

    Season 5 officially passed the books at this stage, when it comes to the main POV at least.

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    Mute John Horan
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    Jun 15th 2015, 1:38 PM

    @Anyway, they haven’t, but they are really close. The only part that is actually past the end of the books is Tyrion’s story.

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    Mute Anthony Ryan
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    Jun 15th 2015, 2:13 PM

    They’re not the same story anymore. Where’s Aegon Targaryan, the Iron Islands, Aerys Oakheart?

    They’ve taken the TV show down a different route and it’s a pretty safe bet that the TV and books will have different endings.

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    Mute Derry Seery
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    Jun 15th 2015, 3:46 PM

    I dont think so Antony. Benioff & Weiss know how A Song of Ice and Fire is supposed to end so that they can finish it should GRRM be unable to finish his books. They also only got the go ahead from GRRM to adapt the story because they proved to him to be hardcore fans and were correct on who Jon’s mother is.

    No mattee how far they stray from the actual arcs, they always arrive back at the original plot points, usually to save time and intriducing new unnecessary characters.

    Speaking of unnecessary characters, Aegon could be one of them. The jury’s out on wether he’s a legit Targaryen. Think Mya Stone, Edric Storm… written as illegitimate Baratheons. GRRM has a habit of throwing diversionary characters into the books. No one’s sure Aegon’s arc was actually going to go anywhere – but he may yet show up in Season 6, his arrival obviously will be different as Jorah took that!!!

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    Mute Conor Power
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    Jun 15th 2015, 7:56 PM

    My wish for characters to see more of/return in Season 6 would be Greatjon and the Blackfish.

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    Mute Derry Seery
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    Jun 15th 2015, 7:56 PM

    And the woman with a “heart of stone”!!

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    Mute Barry Sheehan
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    Jun 15th 2015, 2:54 PM

    Valar Morghulis!

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    Mute Ron North
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    Jun 15th 2015, 9:47 PM

    Valar Dracarys!

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    Mute Barra Ó Longargáin
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    Jun 15th 2015, 9:33 PM

    Overall it’s been a very disappointing season… Last nights episode included

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    Mute Dan Broderick
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    Jun 15th 2015, 10:35 PM

    Last year was much better, this was the worst season by a long way

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    Mute Peter Walsh
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    Jun 15th 2015, 11:57 PM

    Turn off interweb. Unplug fax. Disassemble telegraph. Shoot messenger ravens.

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    Mute Dan Broderick
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    Jun 15th 2015, 1:26 PM

    Cersei commits suicide by jumping off the bridge during her naked walk of shame

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    Mute Derek
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    Jun 15th 2015, 6:09 PM

    Watch it for the plot.

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    Mute fuve
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    Jun 16th 2015, 2:07 AM

    They killed them all the good ones. Got to be kidding me. I’ll bet the witch brings him back.otherwise I am done with the show. Killing all good characters bad for ratings.

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    Mute John Ward
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    Jun 15th 2015, 9:53 PM

    Here’s how to avoid “spoilers”. Don’t bother watching that crap!

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    Mute martina
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    Jun 15th 2015, 10:55 PM

    You know nothing John Ward!

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