Ireland vows to resist US corporation tax crackdown
Ireland has vowed to resist US President Joe Biden’s reforms to the global tax system, in a sign of a split over plans within the European Union.
Irish finance minister Paschal Donohoe has said Dublin will not accept new tax proposals led by the US if they impact the country’s ability to undercut rivals.
Earlier this month the Biden administration laid out proposals to rebalance the global tax system. As part of a push for a global minimum corporate tax rate, of 21pc of profits, the White House has argued multinational giants should pay taxes to governments based on their local sales in each country.
Ireland, however, is expected to be one of the biggest losers as a key beneficiary of American giants like Apple, Microsoft and Google-parent Alphabet using it as an European base, directly accounting for around one in eight jobs in the economy.
https://finance.yahoo.com/news/ireland-vows-resist-us-corporation-200714451.html