Economist Says Ireland Will Still Have Low Corporation Tax Even If Global Rate Of 15% Is Introduced
It's after G7 countries reached an agreement on corporation tax reform in London yesterday
The new rules aim to close loopholes which let technology giants avoid taxes.
The Finance Minister says the Government could lose around 2.2 billion euro a year in corporation tax revenue.
But Conall MacCoille, Chief Economist at Davy, says it's not much of an increase on our current rate of 12.5 percent:
"15% is only slightly above where we are at the moment. Countries like the UK, for example, are planning much higher corporation tax at 25% to come in in 2023. So, I mean, we'll still have a low rate if we decide to set it at a 15% ourselves. I think over time, that 15% raise, will probably be the end outcome and we'll probably end up agreeing to that, possibly."
More from Cork
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Lord Mayor Of City Felt Privileged To Represent Cork During Such A Difficult Time As He Faces Into Last Month In Office
Councillor Joe Kavanagh will be handing over the mayoral chains outside of City Hall for the first time ever on June 18th due to the pandemic
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Expert calls for people to reduce meat intake
Eating too much meat can increase the risk of serious illnesses by as much as 30%.
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International Care Day Is Being Celebrated At The Bessborough Centre In Blackrock Today
The event highlights the positive impact of the experience of young people in care
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UPDATE: Teenage Girl Killed And Three Teenage Boys Injured In Knocknaheeny Crash
It's understood the teenage driver of the car fled the scene on foot
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Angry Farmers To Stage Protest Outside Aldi in Mitchelstown Later
They're appealing to retailers to come to the talks table
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UPDATE: Toddler Who Was Injured At Her Home On The Boreenmanna Road Has Died
The two year-old was rushed to hospital with traumatic head injuries