Updated 15.55

The Jobs Minister says it is the United States - and not Ireland - that needs to make changes to tax laws. It comes after the American President singled out US companies who he said became 'magically Irish' in order to cut their tax bills.

In an interview with the TV network CNBC, Barack Obama accused corporations of playing the system.

"What we're trying to do is to say that if you simply acquire a small company in Ireland or - some other country - to take advantage of the low tax rate, you start saying we're now magically an Irish company despite the fact that you may only have 100 employees there. And you've got 10,000 employees in the United States" he said.

"You're just gaming the system. You are an American company. You continue to benefit in all kinds a ways from being an American company. It is true that...there are a lot of things that may be legal that probably aren't the right thing to do by the country".

"People are paid to maximize profits. But people are also paid to be good corporate citizens. They're also paid to make sure that they're thinking about, in addition to shareholder value, how do you grow a company over the long term".

"And this kind of strategy I think undermines people's confidence in how companies are thinking about their responsibilities to the country as a whole" he added.

According to the Irish Examiner, about 41 US companies have switched their addresses to low-tax nations - such as Ireland - since 1982.

Minister Richard Bruton is adamant the problem does not lie with Ireland. He says there is no issue with Irish tax laws and that if America asks, Ireland will not lose out.

US President Barack Obama spoke to CNBC last night: