The Minister for Finance has said he expects Ireland's corporation tax rate will be increased to 15% in 2024 for large companies that are subject to last year's global tax deal.
It follows a deal brokered at EU level earlier this week, which saw Hungary drop its opposition to a minimum corporation tax rate of 15% for the bloc.
"We will implement such a change with a view to it taking effect in 2024," Mr Donohoe said to reporters following the launch of the latest OECD report on Ireland at the Institute for International and European Affairs. "And it's the reason now why we're putting money into a National Reserve Fund that will be equivalent to around €6 billion by early next year."
These include firms with a group turnover of over €750 million per annum only. All other companies will continue to pay a 12.5% rate of corporation tax."Different parliaments and different governments have different times of the year in which changes are brought in," he said.
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