Ireland offers key support to global minimum corporate tax initiative

The lower Irish tax rate has historically been a major draw for companies in Europe.

Updated: October 9, 2021 - 11:30am

Ireland this week signed on to a major minimum corporate tax initiative, adding key support to a measure already supported by well over 100 countries worldwide.

The member nations of the Organization for Economic Cooperation and Development and the G20 each have all endorsed the measure, which would set a minimum tax rate of 15% in all participating nations. 

Ireland in recent decades has been known as a major tax draw for multinational companies, having kept its tax rate lower than many of its European neighbors as well as the U.S. 

OECD Secretary-General Mathias Cormann called the measure “a major victory for effective and balanced multilateralism."