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Hayes welcomes Minister Donohoe appearance at European Parliament Tax Committee

Hayes welcomes Minister Donohoe appearance at European Parliament Tax Committee

Brian Hayes MEP today welcomed the news that Minister for Finance Paschal Donohoe will appear before the European Parliament’s Panama Papers (PANA) Committee next Tuesday 11th July.

EP Brussels

“Minister Donohoe is absolutely right to come before the European Parliament early in his new role to answer questions on tax policy and anti-money laundering. Ireland is in a strong position on tax matters and despite some Member States and MEPs having a go at our competitive offering, we can be confident that we have one of the most fit-for-purpose tax systems in the EU.

“The PANA Committee was set up in the wake of the Panama papers scandal revealed information about the secret offshore companies used to hide wealth and evade taxes. The revelations demonstrated an organised web of financial secrecy which should not be tolerated.

“Ireland is very much part of the fight against this sort of tax evasion. We have taken a leading role in the negotiations for the OECD BEPS process and we have been one of the most active countries in implementing the OECD guidelines. We have made major changes to our corporation tax system in the past 3 years and as a result, we are seeing more and more corporation tax revenue coming in.

“Minister Donohoe has a good opportunity to show to MEPs that Ireland has a very fair but competitive tax system. This is also a chance to tell MEPs that tax matters remain sovereign and it is up to Member States to decide how they design their tax systems.”

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