Ireland expects to receive an updated text of the Organisation for Economic Co-operation and Development's proposed overhaul of global corporate tax rules in the coming days, a critical moment in the process, Finance Minister Paschal Donohoe said.
“I do expect next week will be a critical moment for the negotiations that have been underway for years and will show whether an agreement is possible by the end of next week,” Mr Donohoe told journalists on Wednesday, adding that it was too soon to say if Irish concerns would be addressed.
“For many, many months I have been making the case for certainty and stability and I'm going to be continuing that across the next week and a half,” he said.
Following his visit to Washington DC, Tánaiste Leo Varadkar denied that a senior Biden administration official had put pressure on Ireland to sign up to the deal.
He said he insisted in meetings with business representatives that Ireland remains a good investment location despite the uncertainty over the State’s 12.5 per cent corporation tax rate.
There is international pressure on Ireland to sign up to an Organisation for Economic Co-operation and Development (OECD) deal, which is centred around a 15 per cent global minimum rate.
The Government is likely to agree to an increase in Ireland’s corporate tax rate, however they are seeking a commitment to 15 per cent rather than “at least 15 per cent”.
