Ireland has announced that it is planning to close a loophole in its tax laws that is used by Apple to hold £25 billion out of the reach of taxation.
Under the current laws, companies are able to set up Irish subsidiaries with no declared tax residency, leaving them free to funnel profits through the ghost companies without paying any tax.
Ireland's finance minister Michael Noonan commented: “Let me be crystal clear. Ireland wants to be part of the solution to this global tax challenge, not part of the problem.”