(Bloomberg) -- U.S. Treasury Secretary Janet Yellen said Ireland's economy has moved beyond its 12.5% corporate tax rate being an important competitive advantage, and now lures businesses with a range of other factors, the Business Post reported.
Most multinationals operating in Ireland do so because they can “take advantage of a very able, educated workforce and friendly business environment that goes well beyond taxes,” Yellen said in an interview with the paper.
Yellen and Irish Finance Minister Paschal Donohoe will hold a bilateral meeting in Dublin Monday morning. Yellen said she wants to use her Irish visit to reinforce the “special relationship” between Ireland and the U.S. and to thank Ireland for working to reach an agreement on joining the OECD's landmark accord on corporate tax reform.
The deal is a “once in a generation accomplishment for economic diplomacy,” Yellen told the newspaper.
“I would not wish to label Ireland a tax haven,” she also said.
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