Tuesday, 2 July 2013

Questions (259, 261)

Pearse Doherty

Question:

259. Deputy Pearse Doherty asked the Minister for Finance if the Irish Government made information regarding yearly profits and tax payments by corporations including subsidiaries available to the public or is the Government planning to do so before the end of 2013; and if he will make a statement on the matter. [32040/13]

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Pearse Doherty

Question:

261. Deputy Pearse Doherty asked the Minister for Finance if the Irish Government is requiring multinational companies including subsidiaries to provide an annual report on their turnover, number of employees, subsidies received, profits and tax payments on a country by country level for all countries in which they operate, or is the Government planning to introduce such reporting before the end of 2013; and if he will make a statement on the matter. [32042/13]

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Written answers (Question to Finance)

I propose to take Questions Nos. 259 and 261 together.

The issue of "country by country reporting" is topical at EU level at present. Up until now, "country by country reporting" was required only for those companies who were involved in extractive industries (e.g. mining, oil exploration etc.). Under the Irish Presidency of the EU agreement was reached on extending "country by country reporting" to the financial services industry. Measures to transpose the EU provisions into national legislation are expected to be in place in two years time.

The Government has no plans to unilaterally introduce such a scheme before the end of this year. The best way to progress the issue of "country by country reporting" is in a co-ordinated way at EU and international level.