Large Irish firms to face 15% tax rate under EU proposals

Irish Times ^ | 12/21/2021 | Cliff Taylor

[Olog-hai]

The biggest domestic Irish companies, as well as major multinationals, would face a new minimum corporate tax rate of 15 percent, under plans to be put forward by the European Commission on Wednesday. The move comes in a draft directive to be published in Brussels to mandate the Organization for Economic Cooperation and Development (OECD) plan for a minimum corporate tax rate across the Union.

Earlier this week the OECD published detailed proposals for its proposed minimum effective corporate tax rate of 15 percent, to apply to multinationals with a turnover of over €750 million. Ireland had earlier signed up to this proposal, but the Government had said that it was its intention to retain the existing 12.5 percent rate for domestic companies, and for smaller multinationals.

However, the European Commission is set to propose that as well as multinationals, large companies operating in domestic markets are also covered by the new minimum rate rules “in order to ensure compliance with the fundamental freedoms,” which include not discriminating against firms on the basis of where they come from. […]

… (T)he Commission directive, if applied, would involve the imposition of a 15 percent rate on a small number of major domestic Irish companies, mainly in sectors such as retail and utilities. These companies currently pay at 12.5 percent. Among the companies likely to be affected would be Musgraves, Dunnes Stores, Eir and a number of other major retailers and consumer firms. …

[Metrobank]

The UK bowed out of the EU. Did Ireland stay in? If so, to what perceived benefit?? Surely now Irish leaders can see how foolhardy it is to stay in the EU.

[Olog-hai]

The Republic of Ireland, which excludes Northern Ireland (still part of the UK), made no moves to get out of the EU. After all, it was the EU that helped push Ireland so far left that they enthusiastically voted for homosexual “marriage” and abortion in two consecutive referendums. Never mind giving up their currency, which the UK did not. And of course, the Good Friday Agreement is threatened by the EUSSR’s Northern Ireland Protocol.

[SES1066]

Amongst the many and varied reasons for BREXIT, which is still in process. The EU is a ruling bureaucracy with a near powerless parliament attached. Imagine a Stasi-type inspecting your business reading a thick book of regulations written by Belgiums who have never worked a day in business.

We do have a domestic form of the EU here, just ask any number of home owners in HOA communities! I know there have to be good HOAs but they never make the news!

Joy!

[FlyingEagle]

Just say no.