Irish finance minister defends tax regime

The Irish corporation tax regime has been defended by its finance minister after major British businesses lined up moves to the lower-tax region.

The Republic of Ireland minister of finance Brian Cowen said the country had pursued a 'consistent strategy' of maintaining a low tax burden on income of individuals and companies to support its economic growth and social progress, according to the Daily Telegraph.

He also said its tax regime was 'transparent' and 'relatively simple' compared to other jurisdictions.

'We do not encourage so-called 'brass plate' operations which seek to simply avail of our low tax rates. We want to see real substance in investment in Ireland.'

Shire and United Business Media are planning to switch their tax domiciles to Ireland, while International Power said it was also considering a move.

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