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.
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%.
"In joining this agreement, we must remember that there are 140 countries involved in this process and many have had to make compromises," Donohoe said, according to RTE. The Irish Department of Finance estimated that joining this global deal would reduce the country's tax take by 2 billion euros a year, according to RTE. In addition, an opinion poll for The Irish Times showed that the majority of voters in Ireland believed the government should not modify its policy now.
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