Director of the OECD Centre for Tax Policy and Administration Pascal Saint-Amans has said companies should not be able to book intellectual property off-shore or move the royalties to pay for IP to an off-shore jurisdiction, without levying any tax.

Speaking on RTÉ's Morning Ireland, Mr Saint-Amans said new rules to clamp down on tax avoidance are being implemented.

He said, until now, there has been no international regulation for tax, adding it has taken ten years to get to this stage.

Mr Saint-Amans said there are two layers to reducing tax evasion - the OECD's world wide approach to level the playing field and the consistency of EU tax regimes.

He said wealthy individuals are beginning to pay their fair share and that the end to bank secrecy is significant in this process.