Ireland faced further questions over its corporate tax rate on Wednesday after US senators branded the country as a ‘tax haven’.
Those remarks came during Apple CEO Tim Cook’s appearance before the US Senate where he rejected allegations that the California-based firm was ‘sheltering’ large chunks of its earnings in so-called shell companies based in Ireland.
Cook’s testimony came just 24 hours before Irish Prime Minister Enda Kenny attended an EU summit on the topics of tax evasion.
Speaking to reporters in Brussels, Kenny denied the tech giant had a special deal to pay a corporate tax rate of just two percent, instead of the statutory 12.5 percent.
“Ireland’s corporate tax rate is statute-based, very clear, very transparent, and we do not do any special deals with any individual companies in regard to that tax rate,” said Kenny.
The Irish premier added that the European Commission had not contacted his government to discuss Ireland’s corporate tax rate.
By comparison, Germany taxes corporations at 29.5 percent, whereas France slaps a levy of 33.3 percent on major firms.
Carl Dolan, an EU policy officer at Transparency International, said one answer would be to encourage more sharing of fiscal and financial information.
“You also need to make sure that there is much more detailed financial reporting from multinational corporations so that in every country where they operate they are also reporting the taxes that they pay and the revenues that they earn,” he told euronews.
Britain will put tax evasion at the top of the agenda when it chairs June’s G8 summit in Northern Ireland.
It follows revelations about the way multinationals, such as Amazon and Starbucks, handle their tax affairs.
Copyright © 2014 euronewsMore about:
- 1Protesters surround EU buildings as anti-TTIP anger voiced in Brussels
- 2Last EU summit of 2014 in full swing with major investment tabled
- 3Europe’s sex slave shame: is enough being done to fight human trafficking?
- 4Chaos or cohesion: how will Europe respond to a major terror attack?
- 5euronews discusses Russia with Latvian PM after EU summit ends
- 1Europe’s sex slave shame: is enough being done to fight human trafficking?
- 2Chaos or cohesion: how will Europe respond to a major terror attack?
- 3Last EU summit of 2014 in full swing with major investment tabled
- 4EU Commission speaks on ambitious investment plan ahead of key summit
- 5Belgium bids to bring energy and internet projects online with EU boost
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2What will you ask US Senator John McCain? | euronews, world news
- 3Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 4Le Pen: I admire ‘cool head’ Putin’s resistance to West’s new Cold War | euronews, interview
- 5McCain blasts Europe’s approach to Ukraine conflict ‘a joke’ | euronews, the global conversation
- 6Which countries in Europe cause the most air pollution damage? | euronews, world news
- 7Moldova pro-EU parties take narrow lead in elections | euronews, world news
- 8Grenoble: Europe’s first ad-free city | euronews, world news
- 9NATO joins search for ‘Russian submarine’ off Scottish coast | euronews, world news
- 10European Union News | euronews: latest breaking news and headlines about European Union
- 11Obama’s ‘risky’ immigration gamble | euronews, world news
- 12Ukraine reports accident at Zaporizhzhya nuclear power plant | euronews, world news
- 13Crude awakening: Romania’s Black Sea oil and gas finds fuel Europe’s energy hopes | euronews, reporter
- 14Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 15The American Century comes to an end as China becomes the world’s largest economy | euronews, economy
- 16European e-revolution people rise up | euronews, world news
- 17International breaking news | euronews online world breaking news in video
- 18Belgium’s former queen Fabiola dies at 86 | euronews, world news
- 19Germans demand honour for Turkish woman beaten to death | euronews, world news
- 20Chechen ‘death’ unit fighting with rebels in eastern Ukraine | euronews, world news