Global Tax Deal Inches Closer As Holdout Ireland Agrees To Sign Up

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  • The G-7 and G-20 nations agreed earlier this summer to join forces to tackle tax evasion and harmonize rules across the globe.
  • The plan, if implemented, would force multinationals to pay tax where they operate — not just where they have their headquarters — and would impose a minimum corporate rate of 15%.

Ireland has decided to sign up to a global deal that will push its corporate tax rate to 15%, marking a huge shift in its policy.

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The G-7 and G-20 nations agreed earlier this summer to join forces to tackle tax evasion and harmonize rules across the globe. The plan, if implemented, would force multinationals to pay tax where they operate — not just where they have their headquarters — and would impose a minimum corporate rate of 15%.

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The Republic of Ireland has one of the most attractive rates for corporates in the world at 12.5% and had, until now, refused to join the plan. Different Irish governments had fiercely defended the low rate, arguing it was a tool to attract businesses to a small economy.

www.cnbc.com/amp/2021/10/07/ireland-corporate-tax-rate-.html?__twitter_impression=true

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