The decision will undoubtedly weigh the renewed push behind overhauling global tax after Mr Biden gave his support to large European powers such as France, to set a minimum global tax corporate tax. Ireland's tax rate put to the testBy pushing for a 21% rate of tax on the global earnings of large US corporates, Mr Biden is effectively proposing the setting of a minimum global rate of tax. Intel's decision in the coming months over where in Europe to place its next huge investment will put Ireland's corporate tax offer to the test, at a time of major upheaval, senior economist Jim Power said. Booming corporate tax takeLast year, during the worst of the Covid pandemic, the State collected €11.8bn in corporate tax revenues and the single tax source now accounts for a record 20% of all tax revenues. With the new European investment, Intel for the first time will be making chips for others, in a sort of contract manufacturing process under what in the industry is known as "foundry production".

Source: Irish Examiner May 11, 2021 17:37 UTC