Irish Finance Minister Pascal Donohue said on Tuesday that Ireland had serious reservations about US President Joe Biden’s plan to set a tax rate of at least 15% on U.S. profits. Multinational companies around the world.

“We have serious reservations about the minimum world tax rate, which means only a few countries and some major economies will benefit from this base,” the minister told Sky News.

According to the television channel, Donohro predicted that the country would keep the corporate tax rate at 12.5 percent for several years.

Washington has encouraged the Organization for Economic Co-operation and Development (OECD) talks to implement a tax on the profits of multinational corporations that meet in different countries.

The Biden government has asked OECD partners to raise the global corporate income tax to at least 15%, and talks are underway with the goal of “aspiration” and “raising that rate”.

The reform aims to end tax competition between countries.

The bill comes as the US president seeks to raise corporate taxes in his country to finance a major investment project.

The OECD in principle expects the global agreement to finalize the mechanism at its meeting in late October at the G20 on Finance on July 9 and 10.