Ireland's rate for large firms goes to 15% from 2023.
The IDA says the decision to increase our corporate tax rate shouldn't have a negative impact on investment here.
Yesterday, the Cabinet announced it would sign up to the OECD deal to create a minimum floor for corporation tax.
This will see Ireland's rate increase from 12-and-a-half percent to 15 percent from 2023, for companies with revenue of more than 750 million euro.
Martin Shanahan, CEO Of IDA Ireland, believes high levels of foreign direct investment will continue despite the higher tax rate:
IDA Ireland statement on Cabinet tax decision: https://t.co/hkPWNHLydG— IDA Ireland (@IDAIRELAND) October 7, 2021
The Government had expressed concern over the wording ‘at least’ being including in the minimum tax rate deal.
Fianna Fáil MEP Barry Andrews says Ireland was right to negotiate around the language used