Ireland is ready to adopt a global corporate tax
23:01
Ireland is ready to scrap the country’s longstanding 12.5 percent corporate tax rate before the end of the year, the Irish Examiner newspaper reported on Thursday, citing senior government sources.
According to the newspaper, although no formal decision has yet been made by the government, several sources said the 12.5 percent rate - Ireland’s main incentive for large multinational corporations - is expected to be scrapped as part of a new tax deal under the OECD in October.
In early July, the G7 and OECD countries reached an agreement, albeit without unanimity, on key aspects of a global tax deal that aims to introduce a minimum corporate tax rate of 15 percent.
Irish Finance Minister Paschal Donohoe has so far only signaled a willingness to discuss the impact of a new global minimum rate of 15 percent, but as the Irish Examiner writes, there is unofficially believed to be a “clear course of action.”
“Ireland will continue to defend the rights of small countries to retain a competitive advantage, but we don’t want to be an outcast on a global tax deal,” said a senior government official.
(pap.pl)
