These are the world's worst tax havens

These are the world's worst tax havens”

The "Tax Battles" research, undertaken by global charity organisation Oxfam, puts Ireland sixth in a list of 15 countries that are, "helping big business to cheat countries and their citizens out of billions of euro in tax every year".

Mr Clarken said it was "no badge of honour" for Ireland to be known as a haven for coporate tax dodging.

The NGO's report exposes the worst offenders in the 'race to the bottom on corporate tax'.

"Around the world, we are known as a country of good fun, bad weather and terrible tax policies that facilitate worsening inequality by allowing some of the world's richest companies to avoid paying their fair share to society", he said.

It also hit out at moves to slash corporation tax to help shore up Government finances, claiming that it often triggered a VAT hike which could punish the poorest people in society.

Switzerland and Singapore were ranked in fourth and fifth place followed by Ireland, with Luxembourg, Curacao, Hong Kong and Cyprus making up the rest of the top 10.

The organization published the study dubbed Tax Battles: The unsafe global Race to the Bottom on Corporate Tax, which included the list of the top 15 corporate tax havens.

"Ireland has been involved in harmful tax competition in terms of loopholes and tax deals for many years, e.g. allowing Apple to pay just 0.005% at one point", reads the report.

The final five were the Bahamas, Jersey, Barbados, Mauritius and the British Virgin Islands.

Ireland is now under instruction from the Commission to claw back €13 billion from US tech firm Apple, which in 2014 benefited from an Irish corporate tax rate of 0.005 percent.

Luxembourg, Ireland, and the Netherlands are already under pressure from the European Commission, which has accused all three of offering sweetheart deals to global companies. Citizens everywhere have had enough.

Berkhout said: "There are no winners in the race to the bottom on corporate tax".

Improving tax transparency by requiring all multinational companies to publish financial reports for every country in which they operate, so it is clear what taxes companies are paying and where.

"But big business is dodging tax on an industrial scale, depriving governments across the globe of the money they need to address poverty and invest in healthcare, education and jobs", it said.

"This amount is more than enough to provide an education for all of the 124 million children now out of school, and to pay for health interventions that could save the lives of six million children", Oxfam wrote in the report.

"It should be emphasised too that the right to set a corporate tax rate is recognised by the United Nations as a sovereign right and is considered by Bermuda to be an essential contributor to its world-leading reinsurance centre, along with political stability, regulatory excellence and geographic independence", he said.

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