Efforts are continuing to seek Ireland’s removal from the Brazilian black list. A technical delegation from the Department of Finance and Revenue met with Brazilian officials earlier this year to seek a resolution to this issue. Since then, there has been continuing contact with the Brazilian authorities at official level. The issue was also raised directly with the Brazilian Finance Minister by my predecessor. Ireland’s appeal of the listing remains under consideration pending a final decision from the Brazilian Revenue Secretary. Our Ambassador in Brazil continues to follow up with the Brazilian Revenue on the issue.
Brazilian Revenue have made clear that they do not consider Ireland to be a tax haven. Ireland has been included on this Brazilian list on the basis that our 12.5% corporation tax rate is below 17%, the threshold set by Brazilian law. We believe that focusing on the statutory tax rate fails to reflect the realities of the Irish regime which focusses on substance and which also has a 25% rate for passive income and a 33% rate for capital gains.