The Jobs Minister is vowing to defend our corporate tax system despite more revelations of a multi-national company paying less than the 12.5% rate.

The Irish Times reports that the Irish holding company of the US giant Boston Scientific paid just €40 million of tax on its profits in 2011. That is equal to an effective tax rate of just 4%.

The newspaper says the actual tax the group was legally obliged to pay was lower for a number of reasons, including "different tax rates on overseas earnings", according to the accounts.

It follows on from the controversy over Apple's effective tax rate of 2%. Yesterday the CEO of Apple Tim Cook said the company had no special tax rate in Ireland.

'No special deal'

Speaking at the "All Things Digital D-10" conference in the US, Mr. Cook moved to clarify reports that the tech giant had negotiated a special deal with the Irish government, and denied there was any such deal.

Ireland was labelled a tax haven by observers after Mr. Cook appeared before a US Senate hearing last week. A US Senate report said the iPhone maker avoided paying tax by setting up companies in Ireland which paid little or no tax on sales of the company's products outside America.

The report by the Senate Permanent Subcommittee on Investigations said Apple had agreed tax a rate of just 2% with the Irish government. That is well below the corporation tax rate of 12.5%.

Speaking today, Minister for Jobs Richard Bruton says the government has no special deals with any company and will stand over our taxation system.