Mr Woodhouse has also dismissed calls from Labour for an inquiry following a New Zealand Herald investigation that found the 20 multinational companies most aggressive in shifting profits out of New Zealand collectively paid virtually no income tax.
That was despite close to $10 billion in annual sales to Kiwi consumers.
Mr Woodhouse told the Herald that while those numbers appeared startling, "it's not a simple function of saying, they had a lot of sales, therefore they should pay a lot of tax".
"Companies don't pay tax on their gross income. They pay tax on their taxable profit in the respective jurisdictions.
"It's a great soundbite to say they are only paying that much in tax. But, you know what, Dick Smith [recently put into receivership] probably didn't pay any tax last year, they would have had hundreds of millions in gross revenue."
Nonetheless, there were some complex tax areas that could be tightened up, Mr Woodhouse said, and New Zealand was part of work being done by the OECD to address those issues.
"This is a live issue. And there will be further investigations as to whether we can continue tightening up the global framework for multinationals and their tax obligations.
"But if you are asking me if New Zealand is missing out somehow, I have seen no information to suggest that that is the case."
Asked how much extra tax New Zealand could bring in once the OECD-led work had been done, Mr Woodhouse said that would be speculation, but indicated it wouldn't be significant.
"When the OECD looked to model frameworks, they looked to New Zealand as well as other jurisdictions. So I am satisfied that we have good, robust rules in place."
Labour Party finance spokesman Grant Robertson today said a full inquiry into the tax practices of overseas corporations was needed.
"Other countries such as the United Kingdom and Australia have held inquiries that have revealed highly dubious practices in some cases. New Zealand should do the same. The public must have confidence the tax system isn't being treated with contempt," Mr Robertson said.
That call has been backed by representatives of the local informational technology industry.
NZRise co-chair Don Christie, also a director of IT firm Catalyst, said he and his counterparts in the New Zealand technology industry faced unfair competition from foreign-owned firms who were able to minimise tax bills by routing money offshore.
Mr Woodhouse said he was unaware of New Zealand businesses feeling disadvantaged because of tax laws or enforcement.
"But I don't know any companies in New Zealand that are competing with the likes of Pfizer ... we don't manufacture large amounts of refined oil, and we don't make Apple products. It is a little simplistic to call for that."
Inland Revenue had received more money to ensure tax obligations were met, he said, and "for all the tub-thumping" over the issue, nobody had alleged multinationals were acting illegally.
"That raises the secondary question of whether New Zealand tax law is robust enough to ensure that they pay their fair share of tax, and that there aren't loopholes that allow them to leak profit back to their home countries.
"I am quite confident that New Zealand's frameworks for avoiding that situation are as robust as any in the world. Yep, there are still some areas where we need to tighten up, and we are working on that as part of a global effort through the OECD."
In regards to steps taken by Australia, Mr Woodhouse said those were against companies that created arrangements that meant revenue wasn't recognised by tax authorities.
"We are taking a close look at that, and that is part of the further work we are doing. But, as I say, I am quite satisfied that we have frameworks at least as robust as those countries."
United Future leader Peter Dunne, who was Minister of Revenue from 2005 to 2013, said that experience meant he was not altogether surprised by the disclosures in the Herald.
"The [Herald findings] are consistent with the information that was starting to come to light towards the tail end of my own time as Minister of Revenue almost three years ago.
"What they highlight is that in today's globally connected world, the old concept of a business being physically located in one place and taxed accordingly is increasingly redundant.
"Large businesses, multinationals especially but not exclusively, trade across international boundaries, so determining what share of their income should be apportioned to particular jurisdictions and taxed accordingly is becoming more and more impossible."
Mr Dunne, who is now Internal Affairs Minister, said the focus needed to be on international solutions, negotiated as part of free trade agreements and focused on businesses paying their fair share of tax in each of the countries that they operate.
"The problem is becoming more and more urgent and needs to be at the centre of work by organisations such as the OECD.
"Tax avoidance as a consequence of globalisation is not limited to just the multinationals, of course. The same thing is happening daily at a much more individual level, every time a person makes an online purchase off-shore, and avoids GST, for example. That is a potentially larger tax loophole to be plugged."
