Martin Heydon
Question:98. Deputy Martin Heydon asked the Minister for Finance the work ongoing in his Department on the corporation tax model following the Coffey report of indicating the sustainability of receipts until 2020 [4297/18]
View answerTuesday, 30 January 2018
Questions (98)
Written answers
The ‘Review of Ireland's Corporation Tax Code’, undertaken by Mr Seamus Coffey, was published in September 2017.
The Review states that the increase in Ireland’s corporation tax receipts can be expected to be sustainable up to 2020. It also acknowledges that Ireland has reached the highest standards with regard to tax transparency and makes a number of recommendations to ensure that Ireland continues to meet the highest international standards, including:
- Updating and expanding the scope of Ireland’s transfer pricing regime;
- Consideration of whether to change to a territorial tax system;
- Supporting the EU Directive on mandatory disclosure in line with OECD recommendations; and
- Scrutiny of proposed measures to meet OECD and EU standards on preferential treatment.
Given the need to ensure the certainty of our regime, the Review recommends a detailed consultation process with the relevant stakeholders.
On Budget Day I launched a public consultation on the key recommendations in the Review. This public consultation process closes today. Subsequent legislative changes will then be put forward for my consideration in the course of the Finance Bill process.
The Review excluded any possibility of a change to the 12.5% corporation tax rate. Ireland is committed to maintaining certainty in our corporate tax system and the 12.5% rate is and will remain the cornerstone of our corporation tax regime.