OECD consensus on minimum Corporation Tax for multi-nationals provides certainty
Chambers Ireland, the voice of business throughout Ireland, welcomed the certainty which the OECD consensus on minimum Corporation Tax for multi-nationals provides.
Supporting the decision of cabinet to agree to these proposals, the organisation recognises Ireland’s interests will be best met by our legal, taxation, and regulatory framework remaining consistent with international law and best practice.
Speaking on Thursday October 7th, Chambers Ireland Chief Executive, Ian Talbot said: “The Government’s strategy has created certainty for businesses at a critical time when they are planning their post-pandemic investment plans. The unknown upper band of the proposed rate was causing some global businesses to hesitate in committing to capital investment plans.
“Retention of the 12.5% for smaller firms is also welcome and will help our domestic economy prosper into the future.
“Involvement in this agreement will ensure that Ireland continues to be recognised as a full participant in the international community and fully compliant with international taxation norms. It is also important that Ireland remains a full participant in the technical negotiations that are to continue over the next few months and years.
“While the tax rate has historically been an important element of our attractiveness as a location for investment, it is not our only quality, and neither is it the most important one; our people, our skills base, our openness to migration, and our membership of the EU are all critical strengths.
“If we are to remain an attractive location for people to build their lives in, we need to tackle the quality-of-life issues such as housing, childcare, and health which are far more likely to constrain our potential in the coming years”
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