Ireland Proposes Global Minimum Tax Rule With Safe Harbor

Ireland released a Treasury bill Thursday with details of its plans to roll out the global minimum tax, a part of the OECD-led global tax deal.

The government doesn’t plan to raise its 12.5% standard corporate tax rate, according to the legislation. It would instead charge companies in scope of the minimum tax rules—known as Pillar Two—a top-up to comply with the 15% effective minimum tax rate.

In-scope groups—those with global revenues exceeding €750 million ($793 million)—would be able to consider the minimum tax as complied with in Ireland and would be able to exclude Irish companies that are part ...