Global corporate tax transactions are now limited. Even Ireland, which is most reluctant, agrees to join the agreement to introduce a 15% lower global rate for companies to discourage multinational corporations from shifting profits to lower tax rates. A few hours later, Estonia joins. Of the EU countries, only Hungary is currently resisting, which does not prevent the EU from seeking consensus on tax matters.
“Ireland joins the OECD International Tax Agreement, a momentous and extremely positive step for Europe’s collective efforts to build a more equal and sustainable global tax system,” EU Economic Commissioner Paulo Gentiloni wrote on Twitter.
Ireland’s Progress Not only web giants like Apple, Google, Amazon, and Facebook have chosen Ireland as the headquarters of European activity to benefit from more favorable tax treatment, but influence beyond that. Only 12.5% of their profits. Dublin also loses: The new global tax, which will take effect in 2023, could cost up to $ 2 billion in lost revenue.
On the eve of the OECD meeting, Finance Minister Pascal Donohue gave the green light to a low of 15% on Thursday, following the progress of an agreement with Irish Prime Minister Michael Martin in the coming days. Friday in Paris. “The government has now accepted my recommendation to join the International Convention on Ireland. It’s the right decision, it’s the right thing to do, it’s the right thing to do, it’s the right thing to do, it’s the right thing to do, it’s the right thing to do, it’s the right thing to do.
Now 141 countries in the world are ready for the historic signing that will put an end to tax competition. Once the deal is made on the card, the details have to wait until the beginning of next year.
Iralanda, which has the lowest tax rate in developed countries at 12.5%, however, examined the possibility of maintaining a 12.5% tax rate on domestic companies with a turnover of up to 750 million.
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