The Republic of Ireland has been described as a 'tax haven' in a graphic posted on US President Barack Obama's website .

The image - highlighting the investments of Mitt Romney, President Obama's Republican opponent in November's election - lists Bermuda, the Cayman Islands, Switzerland, Luxembourg and Ireland as countries Mr Romney has invested in.

The reference to Ireland lists a trust associated with Mr Romney that held an undisclosed amount in a Goldman Sachs fund.

President Obama is currently considering imposing a minimum level of tax on profits of US companies located in foreign countries. Critics say such a move would discourage foreign investment into the Republic.

Ireland's 12.5% corporation tax rate is mentioned in the graphic and is compared to Bermuda and the Cayman Islands who have 0% tax.

Belfast Telegraph