Ireland, home of Google, Apple and Microsoft, said it was ready to “compromise” corporate taxes. G7 leaders have agreed on a global minimum corporate tax rate of 15%, which is higher than Ireland’s 12.5%. Ireland’s finance minister on Friday said CNBC has a role in “legal tax competition.” See other articles on Insider’s business page.
Ireland Europe, home to tech giants like Apple, Google and Microsoft, said it was ready to “compromise” the world’s lowest tax rates.
Ireland’s Treasury Minister Paschal Donohoe told CNBC on Friday that the country would be “very intensely” involved in tax rate negotiations.
“… and I hope we can reach an agreement recognizing the role of legal tax competition in small and medium-sized countries,” Donoho said.
This month, a group of seven wealthy nations have agreed on a global minimum corporate tax rate of 15%, which is higher than Ireland’s 12.5%. President Joe Biden’s administration pushed the deal, saying it was “an important step to end decades of race to the bottom” on corporate tax rates.
Ireland has long attracted multinationals looking for European outposts at favorable rates. In 2016, Apple was targeted by the European Commission, which said it needed to repay about $ 15 billion in taxes. Apple has appealed.
Big Tech this month almost said it would welcome a flat rate around the world.
“Facebook has long sought to reform global tax law. We welcome significant progress in the G7,” Facebook’s global vice president of global vice president Nick Clegg told insiders.
When the G7 tax treaty was announced, Donoho said on Twitter that there are 139 countries that will eventually be involved in such a tax treaty. As such, he said it would have to work for small and large powers. He said developing and wealthy nations would all have to agree.
“Achieving a sustainable, ambitious and impartial agreement on international taxation is in the interests of all,” he said at the time.
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