Yesterday Finance Minister Michael Noonan said the scheme was ending for new entrants and it was being phased out over six years for companies already operating here.

Pascal Saint-Amans, Director for the OECD’s Centre for Tax Policy and Administration, said that the measure would make for a level playing field and described it as a very courageous step.

“This is a significant move in the right direction, as well as a smart and courageous move on Ireland’s part.”

The move sends out a very strong signal that Ireland wants to be competitive, but does not want to facilitate double non-taxation which is of concern to so many countries, he said.

He also added that what the Government has proposed will strengthen its competitive position.

The Budget debate resumes in the Dáil this morning.

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