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Ireland expects to offset forecast corporate tax losses with 15% rate

Ireland expects to offset forecast corporate tax losses with 15% rate
Ireland expects to offset forecast corporate tax losses with 15% rate   -   Copyright  Thomson Reuters 2021
By Reuters

DUBLIN – Ireland will likely offset forecast losses from one half of a new set of global tax rules by signing up to the full agreement that introduces a global minimum corporate tax rate of 15%, Finance Minister Paschal Donohoe said on Thursday.

“Our expectation is that the pillar in relation to the reallocation of taxing rights would be where the loss would occur for Ireland but of course in the implementation of a higher rate, that is very likely to be where a gain would happen that would offset that loss,” Donohoe told a news conference.

Donohoe added that if the agreement is ratified by all countries, few unilateral digital levies on multinationals proposed or introduced by individual states will go ahead.