Ireland to phase out tax break favouring MNCs

Dublin

IRELAND'S government will phase out a tax shelter used by US companies from Google to LinkedIn Corp, amid mounting pressure from international authorities.

The "Double Irish", which allows companies to avoid paying tax on much of their income, will be closed to new entrants from January, finance minister Michael Noonan said in parliament in Dublin on Monday, as he laid out the 2015 budget. Companies already enjoying the tax break can continue to do so until 2020, he said.

"Aggressive tax planning by multinational companies has been criticised by governments across the globe," Mr Noonan said. It has "damaged the reputation …