Taoiseach Micheál Martin not ruling out corporate tax hike

© Provided by Extra.ie

Taoiseach Micheál Martin sparked uncertainty over Ireland’s corporation tax rate on Monday night – after declaring he’s ‘not going to be making commitments’ over the low rate.

Ireland is among a handful of nations that have not signed up to an OECD global corporation tax agreement – a deal being spearheaded by Joe Biden.

Irish governments have long fought to protect the country’s 12.5% corporation tax, which has been a primary driver of foreign direct investment in the country for decades, particularly from American companies.

© Provided by Extra.ie Taoiseach Micheál Martin sparked uncertainty over Ireland’s corporation tax rate on Monday night. Pic: AP Photo/Seth Wenig

However, speaking at a press conference in New York with the city’s governor, Kathy Hochul, on Monday, Mr Martin cast doubt over maintaining Ireland’s current rate. ‘I’m not going to be making commitments one way or the other to any individual companies,’ Mr Martin said.

Speaking to reporters following the press conference, he said that Ireland wanted ‘certainty’ and ‘continuity’.

‘We’re in negotiations at the moment. We are, I mean, 12.5% is our rate, but there’s discussions underway within the OECD,’ he said. ‘So we have made it very clear from the outset that we are engaging in the OECD process in a constructive way and we want certainty, and we want continuity.’

© Provided by Extra.ie Speaking at a press conference in New York with the city’s governor, Kathy Hochul, on Monday, Taoiseach Micheál Martin cast doubt over maintaining Ireland’s current rate of corporation tax. Pic: AP Photo/Seth Wenig

When questioned as to why he could not guarantee the 12.5% rate, he replied: ‘We are not in a position right now when we’re in discussions – we’re involved in a process, this isn’t about guarantees around specifics.’

Earlier, Finance Minister Paschal Donohoe appeared to be leaning towards rejecting lowering our rate but was equivocal when he said the Government will act in the ‘national interest’ when deciding if Ireland will sign up to a corporate tax deal that proposes to create a minimum 15% corporate tax rate globally.

After a meeting with the European Commissioner for the Economy Paolo Gentiloni in Dublin on Monday, Minister Donohoe said it was ‘not appropriate’ at present for Ireland to sign up to the OECD agreement, which is backed by 130 countries.

© Provided by Extra.ie New York governor Kathy Hochul talks to reporters after a meeting with Taoiseach Micheál Martin in New York. Pic: AP Photo/Seth Wenig

He said Ireland is seeking further assurances on the predictability and certainty of the agreement, ahead of a mid-October deadline to finalise the deal.

Committing to a minimum corporate tax rate of at least 15% ‘is deeply problematic for Ireland’, said Mr Donohoe.

Less wavering than Mr Martin, he said: ‘I’m very clear that it is not appropriate for Ireland to be in the agreement now. That may continue to be the case. But equally, we are working very hard to see if an agreement is possible that would allow Ireland to join. I will be assessing what is in the national interest of our country in the coming weeks and I will make a recommendation at that point.’

© Provided by Extra.ie Ireland is among a handful of nations that have not signed up to an OECD global corporation tax agreement – a deal being spearheaded by Joe Biden. Pic: AP Photo/Seth Wenig

The minister said that Ireland remained ‘engaged in an awful lot of discussion’ to see if an agreement could be reached.

‘I remain committed to seeing whether the process can yield an outcome. Ireland would be willing to consider joining,’ he added. However, Mr Donohoe said he has communicated to Cabinet colleagues that they may remain outside the deal.

‘I’m very clear that it is not appropriate for Ireland to be in the agreement now. That may continue to be the case, but equally, we are working very hard to see if an agreement is possible that would allow Ireland to join,’ he explained.

© Provided by Extra.ie European Commissioner for the Economy Paolo Gentiloni and The Minister for Finance, and Eurogroup President, Paschal Donohoe TD in Dublin during a press conference at Government Buildings. Pic: Sam Boal/RollingNews.ie

Mr Donohoe said the negotiation process was ‘very important’ but that any decision to join or opt out of any deal would have ‘consequences’ for Ireland.

Mr Gentiloni said it was ‘not the moment’ to talk about the potential consequences for Ireland of rejecting the deal.

‘This is the moment to cooperate, to continue our dialogue. And to leave to the Irish Government, the time, the opportunity, in this discussion with the OECD, to take the right decision in the interest of the Irish citizens.

‘Of course, the European Commission position is very clear. We believe that having this global agreement would help the stability, predictability of the global taxation systems.’

© Provided by Extra.ie Mr Gentiloni said it was ‘not the moment’ to talk about the potential consequences for Ireland of rejecting the deal. Pic: Gareth Chaney/Collins Photos

There are concerns that Ireland’s international reputation could be damaged by remaining outside the OECD framework.

Asked if Ireland would be trusted to senior international positions, such as his own as president of the Eurogroup of finance ministers, should it remain outside a deal backed by 130 other countries, Mr Donohoe insisted any decision would be made solely on the country’s economic interest.

‘The critical thing here isn’t so much what our role is indifferent organisations. The critical thing is the ability of our economy to grow, to retain jobs, to get new jobs in the future and to continue to be competitive,’ he said.

‘That is the metric through which any decision here has to be evaluated and that is the only lens that I will be using in the decision that I make.’

Internet Explorer Channel Network
News Related


Apple Music headed to the PS5, according to Apple hint

It looks like the rumours are true: Apple Music‌ is about to land on the PlayStation 5.  © Provided by What Hi-Fi? Apple Music headed to the PS5, according to ... Read more »

New study links obesity to hair thinning

Obesity can lead to the development of numerous health conditions, from heart disease to Type 2 diabetes. But one area less talked about is obesity’s link to hair loss – ... Read more »

Brazil Senate report drops call for homicide charge against Bolsonaro -reports

© Reuters/UESLEI MARCELINO FILE PHOTO: Brazil’s President Jair Bolsonaro attends the ceremony for the Modernization of Occupational Health and Safety Regulations, in Brasilia BRASILIA (Reuters) – Brazilian senators investigating Brazil’s ... Read more »

Goldberg's son will seemingly be in Saudi Arabia for huge WWE Crown Jewel pay-per-view

© GiveMeSport Gage Goldberg will seemingly be in Saudi Arabia Goldberg‘s son, Gage Goldberg, is going to be in Saudi Arabia for tomorrow night’s WWE Crown Jewel pay-per-view, it has ... Read more »

The week in audio: Uncanny; Just One Thing; Built to Thrive and more

Uncanny – BBC Radio 4 and BBC Sounds https://www.bbc.co.uk/programmes/m0010x7c/episodes/downloads Just One Thing – BBC Radio 4 and BBC Sounds https://www.bbc.co.uk/programmes/p09by3yy/episodes/downloads Built To Thrive – Amazon Music Original https://www.listen.co.uk/built-to-thrive/ The Cabinet ... Read more »

Labour pushes government to clampdown on online extremism in the wake of Sir David Amess murder

© Provided by City AM Boris Johnson has insisted new internet safety laws will impose “criminal sanctions with tough sentences” on social media giants for allowing “foul content” on their ... Read more »

Manchester United squad vs Atalanta includes Edinson Cavani

Edinson Cavani is back in the Manchester United squad for Wednesday’s match against Atalanta. United return to Champions League competition with the visit of Serie A side Atalanta to Old ... Read more »

Parents in Rutland encouraged to get toddlers vaccinated against flu

Parents across Rutland are being encouraged to make sure their toddlers get the flu vaccine this year. © Credits: Pixabay Doctor The NHS is sending “thousands” of invitations to parents, ... Read more »

Kwasi Kwarteng stokes tensions with Rishi Sunak amid Net Zero plans

© Provided by Daily Mail MailOnline logo Kwasi Kwarteng risked stoking tensions with Rishi Sunak today as he insisted tax rises are not ‘inevitable’ to hit Net Zero targets. The ... Read more »

Best Fish Tank

Fish are great pets to keep, and watching them swim around can be very relaxing. It’s important that you get them the right tank depending on their size, so they ... Read more »

Subsidi benih padi patut diberi kepada petani bukan pengilang

© Provided by Sinar Harian ALOR SETAR – Pertubuhan Persaudaraan Pesawah Malaysia (Pesawah) berharap subsidi benih padi yang diterima oleh pengilang diberikan kepada petani untuk menyelesaikan masalah harga benih padi. ... Read more »

Canada's annual inflation rate hits 4.4% in September, highest since 2003

TORONTO (Reuters) – Canada’s annual inflation rate accelerated to 4.4% in September, the highest since February 2003, and up from a year-over-year increase of 4.1% in August, Statistics Canada said ... Read more »

Sand Valley resurrecting The Lido Golf Club in Wisconsin

NEKOOSA, Wis. (AP) — A classic old golf course — The Lido — is being resurrected 1,000 miles from the original with the assistance of a video game and GPS-guided ... Read more »

Pandemic fallout could slow U.S. online holiday spending growth: report

By Uday Sampath Kumar and Deborah Mary Sophia © Reuters/Mark Makela FILE PHOTO: FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States’ largest ... Read more »

Mary Berry made Dame Commander and plans to celebrate with a sandwich

Mary Berry – Richard Pohle/AP The doyen of British baking Dame Mary Berry has said she is “proud and honoured” to be made a Dame Commander for a culinary career ... Read more »

Google launches Pixel 6, Pixel 6 Pro at starting price of $599; takes on iPhone 13

© Provided by CNBCTV18 After months of anticipation, Google has finally launched Pixel 6, Pixel 6 Pro. Google’s flagship smartphones were launched in the US at a starting price of ... Read more »

AISSMS hotel management students bake 15 varieties of breads for World Bread Day

© Provided by The Times of India PUNE: World Bread Day was celebrated with a lot of enthusiasm and vigour by the students of the AISSMS College of Hotel Management ... Read more »

Mahindra XUV700 clocks 65,000 bookings in 14 days; Deliveries to begin soon - Check details here

© Provided by Zee News Mahindra & Mahindra Ltd, one of India’s largest SUV maker recently launched the XUV700 SUV in the market, creating much hype among buyers looking for ... Read more »

Elon Musk will be world's first trillionaire, predicts Morgan Stanley

© Provided by CNBCTV18 The world may see its first modern trillionaire in Elon Musk, predicts Morgan Stanley. The eccentric billionaire has seen his net worth balloon over the past ... Read more »

India vs Australia, T20 World Cup 2021 Warm-up Match LIVE Cricket Score: Rohit retires hurt on 60, Hardik joins Surya

© Provided by Firstpost India vs Australia, T20 World Cup 2021 Warm-up Match LIVE Cricket Score: Rohit retires hurt on 60, Hardik joins Surya 18:36 (IST) After 15 overs,India 127/1 ... Read more »

Liz Cheney calls out Republican colleagues on 'false' election claims

Rep. Liz Cheney (R-Wyo.) on Tuesday night appealed directly to members of her own party, reiterating to the GOP there was no widespread 2020 election fraud as she voted to ... Read more »

NCL Round 1: Dhaka Division and Chattogram Division start with wins, left-arm spinners dominate

© AFP File photo: Nazmul Islam took his best first-class bowling figures © AFP Dhaka Division started the 2021-22 National Cricket League with a resounding seven-wicket win over Sylhet Division ... Read more »

Scotland name 12 uncapped players in squad for Autumn Nations Series

Gregor Townsend has named 12 uncapped players in his 42-man squad for the Autumn Nations Series. © Scotland head coach Gregor Townsend has named a 42-man squad. (Photo by Craig ... Read more »

UK Records Highest Number Of Daily Covid-19 Deaths Since March

Commuters, some wearing face coverings to help prevent the spread of coronavirus, wait for the Tube. (Photo: TOLGA AKMEN via Getty Images) The UK has reported the highest number of ... Read more »

Max Verstappen 'would've punched' Lewis Hamilton if Italian GP crash was two years ago

Former F1 driver Timo Glock says Max Verstappen has shown great maturity this season compared to the past and admits he believes the Dutchman would’ve probably “punched” Lewis Hamilton after ... Read more »

Crisis-hit Lebanon hikes fuel prices in de facto end to subsidies

Lebanon raised fuel prices on Wednesday in a de facto end to state subsidies, pushing the cost of filling a vehicle’s tank to more than the monthly minimum wage in ... Read more »

What the Hell Is ‘Day X'? Far-Right Berserker Clan Was Prepping Uprising Across Several Cities, Police Say

German police have averted an attack by ultra-right militants who were amassing deadly weapons to carry out “revenge full of horror” against German institutions on an as-yet-undefined “Day X.” © ... Read more »

Motor racing-Andretti entering F1 would be a logical move, says Stroll

By Alan Baldwin © Reuters/Geoff MIller Driver James Hinchcliffe of Canada leaves the pits during the 97th running of the Indianapolis 500 at the Indianapolis Motor Speedway in Indianapolis LONDON ... Read more »

De Blasio mandates vaccination for all NYC public workers — but offers $500 bonus for complying

Mayor de Blasio announced Wednesday that all city workers must be vaccinated against COVID-19 — but those who get their first shot by the Oct. 29 deadline will get a ... Read more »

Video: Boston doctor discusses mixing-and-matching for COVID-19 vaccine boosters

ABC News is reporting that the FDA is expected to allow Americans to take a brand of the booster that is different from the brand of the vaccine they initially ... Read more »

Factbox-Who will be the Bundesbank's next chief?

FRANKFURT (Reuters) – Bundesbank President Jens Weidmann, a relentless critic of the European Central Bank’s ultra easy monetary policy, will step down more than five years early, opening the door ... Read more »

Mass. doctor on COVID-19 vaccine booster shots

South Shore Health’s Dr. Todd Ellerin discusses the potential of getting a different COVID-19 booster shot than the original vaccination. Read more »

Instagram Model Genie Exum Arrested After Allegedly Stabbing Boyfriend

Instagram and OnlyFans model Genie Exum has been arrested after she allegedly stabbed her boyfriend, police say. © Provided by People Genie Exum/instagram On Monday, at around 6:45 p.m., police ... Read more »

Married At First Sight's Amy fuels Love Island star romance rumours with flirty Instagram comments after races ‘date'

MARRIED At First Sight’s Amy Christophers has fuelled rumours of a romance with Love Island star Aaron Simpson. The reality TV contestants have been leaving flirty comments underneath each other's ... Read more »

'Wow', 'Leaves me speechless' - Many SWFC fans fume as 'dreadful' footage emerges

© Provided by This is Futbol moore A whole host of Sheffield Wednesday fans are fuming on Twitter after listening to Darren Moore’s latest interview. Despite being very active in ... Read more »

Band recovered stolen kit after spotting it online

© Isaac Lamb Noisy L-R: Connor Cheetham, Cody Matthews and Spencer Tobias-Williams A young rock band have said they are “excited and relieved” to have been reunited with their stolen ... Read more »

Kremlin critic Alexei Navalny wins 2021 Sakharov Prize

© Provided by dw.com Navalny has been detained since January The European Parliament on Wednesday announced it awarded the European Union’s top rights prize to the imprisoned Russian opposition leader ... Read more »

EFF MP Motsamai blames Gungubele for arrest of war vets after hostage drama

© @PresidencyZA/Twitter Minister in The Presidency, Mr Mondli Gungubele. JOHANNESBURG – Economic Freedom Fighters (EFF) member of Parliament Kenny Motsamai has told more than 50 military veterans facing charges relating ... Read more »

Power to be restored to areas affected by Robertsham substation fire

© Provided by eNCA JOHANNESBURG – Johannesburg City Power says electricity should be restored to areas affected by the Robertsham substation fire on Wednesday. The fire broke out on Monday ... Read more »

Zuma to lay criminal charges against Adv Billy Downer

© Provided by eNCA JOHANNESBURG – Former president Jacob Zuma’s application to remove the lead prosecutor from his corruption trial continues. Zuma will be laying criminal charges against Advocate Billy ... Read more »