Minister for Public Expenditure and Reform Michael McGrath pictured in his office in Merrion St. Photo: Frank McGrathThe Minister for Public Expenditure has urged EU critics to lay off Ireland’s corporate tax strategy, putting their negativity down to “envy”. “The 12.5pc corporate tax rate here to stay, it is the bedrock of our foreign direct investment strategy.”He said Ireland has “implemented so many reforms in recent years” that are not acknowledged by other countries. Last year the government finally ended the infamous “double Irish” tax loophole that allowed multinationals to shift intellectual property assets to tax havens. However, the government has opposed multiple corporate tax proposals at EU level, including a draft law that would make public the amount of tax paid by multinationals in each EU country. The government has estimated Ireland’s tax revenues could take a €2bn hit from the OECD measures.

Source: Irish Independent April 01, 2021 01:30 UTC