Jobs, Enterprise and Innovation Minister Richard Bruton has said a "genuine concern" existed over multinational companies playing one tax code against another in an attempt to lower their taxable income.

However, he has reiterated the Government view that Ireland's tax code was beyond reproach.

Mr Bruton was speaking to RTÉ News after it emerged yesterday that British tax officials told a House of Commons committee that they will prosecute multinationals that route their profits through Ireland in an attempt to avoid tax.   

Mr Bruton said that Ireland has a statute-based tax code and companies are fully taxed on their Irish operation.

He said Ireland's tax code was "clean and kosher" and was based on the application of recognised OECD rules on the taxation of companies and their subsidiaries.

The minister said: "I'm not going to talk about any particular company. We never do. But there is an issue regarding aggressive tax planning where tax codes in different jurisdictions can be played off one another.

"I think to resolve that you need collective action. What's needed now is that all countries agree on how to deal with this."

Unlike other countries in Europe, Ireland does not have "roll your own" tax arrangements with individual companies, the minister said.

Mr Bruton is currently in the US, where he is attending meetings between the IDA and potential investors in the financial services and technology sectors.