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Ireland assured it can keep 12.5% corporate tax rate for smaller firms

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Ireland has received assurance that if it agrees to a new global minimum corporate tax rate of 15% it can maintain its 12.5% rate for firms with an annual turnover of less than 750 million euros ($867 million), Deputy Prime Minister Leo Varadkar said.

Irish ministers are due to meet later on Thursday to decide on whether to sign up to an overhaul of how multinationals are taxed worldwide. The government has sought in talks with the European Commission to retain the ability to charge the lower 12.5% rate to small and medium sized companies.

“The minister (for finance) informed me today that we have received that assurance and we can do that,” Varadkar told parliament on Thursday.

Photo – A general view of the Grand Canal docks area in Dublin, Ireland. EPA/MIKKO PIHAVAARA

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