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Ireland poised to end 12.5% tax rate in OECD global pact
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Oct 07, 2021 12:09pm |
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| Category | News |
| Author | Lisa O'Carroll |
| News Date | Thursday, October 7, 2021 02:05:00 PM UTC0:0 |
| Description | Ireland is poised to drop its cornerstone low-tax policy of the past 18 years, which helped persuade some of the world’s biggest companies, including Google and Facebook, to site their European headquarters in Dublin.
The decision comes after months of wrangling over the fine print of an Organisation for Economic Co-operation and Development (OECD) agreement to operate a 15% tax rate in more than 140 countries around the globe.
Ireland was initially one of nine countries to refuse to join the scheme, but its cabinet is expected to sign off on a deal on Thursday afternoon ahead of a wider OECD announcement on Friday at 6pm.
It will bring an end to the country’s 12.5% tax rate that has applied since 1 January 2003, which has frustrated critics in other EU countries and the UK where higher corporate tax rates have applied. |
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