A fresh row over claims the State is a tax haven is set to erupt after new figures show American multinational giants made $83bn (€74bn) in profits here - a third of the total they enjoyed in the entire EU.

According to Professor Gabriel Zucman of University of California, Berkeley - a world expert on profit shifting - those booked here in 2017 were more than in Germany, France, Italy, China, Mexico and India combined,

The data came in the latest release from the US government's Bureau of Economic Analysis annual report into the activities of American multinationals issued yesterday. "Ireland remains the #1 tax haven," Prof Zucman wrote on his Twitter feed.

The Government denies the State is a tax haven and it is working with other countries to beef up global tax codes.

According to analysis from business group Ibec, receipts from company taxes have exceeded estimates by €14.3bn since 2015, plugging holes in the Budget.

Irish Independent