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Ireland Abandons 12.5% Tax as Global Deal Races to Finish (1)

Oct. 7, 2021, 11:47 PM

Ireland is ready to sign up to a proposed global agreement for a minimum tax on companies, a climbdown that removes one hurdle to an unprecedented deal that would reshape the landscape for multinationals.

On the eve of a key meeting between 140 countries hosted by the Organization for Economic Cooperation and Development, the Irish government said it will join the push for a floor of 15% levied on profits of corporate entities.

“This agreement is a balance between our tax competitiveness and our broader place in the world,” Irish Finance Minister Paschal Donohoe said in a statement Thursday evening ...