Dublin Wants Tax Compromise
Ireland, the European home of tech giants like Apple and Google, is looking to reach a compromise over the push by G7 countries for a common global tax rate of 15pc.
Ireland currently offers the US tech giants a low corporate tax rate 12.5 percent, and a recent agreement among the seven most advanced economies could force Dublin to up the rate to the G7 standard.
The G-7 finance ministers agreed this month that there should a minimum global corporate tax rate of 15 percent as they try to resolve calls for a fairer tax system.
Ireland says it is engaging with the OECD over the process and is hoping to reach an agreement that recognizes the role of legitimate tax competition for smaller and medium-sized economies.
If Ireland is forced to impose a 15 percent tax on the tech giants the Dáil is concerned the likes of Google, Facebook etc, which have their HQs in the country, will exit.
The Australian arms of big tech companies like Facebook have avoided local taxes by sending money to Ireland.