It has been claimed vulture funds that have spent millions purchasing Irish loans are using tax loopholes to cut down on the amount they pay here.

The Sunday Business Post reports that several funds have paid just €250 each to the Revenue Commissioners.

The report outlines a number of companies that are accused of funneling millions of euro off-shore while at the same time paying identical amounts of tax to the Revenue.

Former Minister Pat Rabbitte says the revelations will harm Ireland’s international reputation.

Mr Rabbitte said: “It’s unfortunate, as happened in the case of the cock-up relating to economic growth, if we provide ammunition internationally to denigrate the 12.5% Corporation Tax rate.”