The Minister for Finance has said changes afoot at an international level on how corporations are taxed will impact Ireland.

In a speech at Grant Thornton's European tax conference, Paschal Donohoe acknowledged that the changes, currently being devised by the OECD, will present a risk to Ireland's corporate tax receipts.

He said it was too early to quantify any potential cost to Ireland.

Paschal Donohoe said Ireland was open to solutions from the OECD that respect the legitimacy of our longstanding 12.5% corporate tax rate.

Corporate tax receipts have more than doubled here since 2012.

There have been repeated calls on the Government to ringfence corporate tax windfalls as they could not be relied upon in future years as these changes come into effect.

The Minister said the Government would continue to broaden the tax base and prioritise the reduction of debt to enhance the country's fiscal capacity to deal with external shocks such as this.