Statement

Ireland was right to move on “Double Irish” – Hayes

Fine Gael MEP for Dublin and former Minister of State at the Department of Finance Brian Hayes was speaking at a Public Meeting tonight, on Tax Reform organised by Dublin Bay South TD, Eoghan Murphy.

“In an era of increasing international cooperation on the issue of tax, Michael Noonan made the right call in clearing up some legacy tax practices. The truth of the matter is that the double Irish tax arrangement was bad for Ireland’s reputation abroad. Ireland having taken action, other EU countries should follow suit. There is now a growing international consensus on the need to stamp out tax avoidance practices within the OECD.” said Mr Hayes

“What is crucial to Ireland’s industrial policy is to keep its corporate tax rate at 12.5%. Our corporate tax rate is clear, transparent and easily understood by international investors. We need to make no apology for this whatsoever.”

“Broadening the tax base in Ireland is crucial for recovery. We can never forget that an over reliance on property bubble taxes, along with a small tax base brought this country to its knees. Taking tax reform seriously is vital if we are to learn from the mistakes of the past. The most recent budgets have broadened our tax base, by increasing Capital Gains Tax, Inheritance Tax, reforming tax reliefs and the introduction of a property tax.”

“Now, jobs are being created and people are going back to work. Keeping tax as low as possible on work must be a priority especially where close to 11% of the labor force has no work. The tax changes Michael Noonan made in the recent budget are going in the right direction. It’s the first reduction in personal tax in eight budgets. Putting money into people’s pockets is the best stimulus of all.”

“We all need to learn more about our personal tax. I commend Eoghan Murphy for his work on www.taxtransparency.ie. Knowledge is power and we should all see how much tax we are paying and where our taxes are being spent.” concluded Mr. Hayes.

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