Posted on 07/12/2021 11:34:32 AM PDT by caww
“Minister Donohoe recalled the Irish position on the matter,” the spokesperson said of the finance minister’s comments to Yellen.
Ireland is one of just seven of the 139 countries part of the global minimum tax negotiations that have not signed on to an agreement for a global minimum tax of at least 15% on international businesses, a number that is higher than Ireland's famously competitive corporate tax rate of 12.5%. The other six countries are Estonia, Hungary, Kenya, Sri Lanka, Barbados, and Nigeria.
.....There are still several obstacles in the way of it becoming effective, as the agreement was only inked in broad terms and details of its implementation still must be worked out within the 'Organization for Economic Cooperation and Development'.
If the global minimum tax is implemented by all the countries that have signed on thus far, it would represent more than 90% of global gross domestic product, the White House has said.
Irish support (in addition to Estonian and Hungarian) is key to the functional implementation of the new regime because all European Union member states must agree to tax reform, including the proposed global minimum tax.
If I had to guess, there is going to be a certain amount of horse-trading going on. All three of those countries are fairly small — it would be pretty easy to make them whole in some other way,” St. Onge said.
(Excerpt) Read more at washingtonexaminer.com ...
Define "international".
Need somebody to protect against Global Marxism.
A lot of Marxists in Ireland, too. Remember Che’s relatives were from there. Ireland even issued a postage stamp in honor of Che.
Those guys are geniuses, aren't they?
> Define “international”.
Any online business will probably qualify, I’m sure. Notice how every major US website complied with GDPR...
Why on earth would any country give up its right to make such a decision? If the other countries are saying: “Because we will exclude you from selling/buying from our members.” some countries could go it alone, others could not. The US should tell them to take a hike, but Joe has already signed on. What a dufus...
Who gets this 15%? The UN?
I started loading up on ETN when they moved to Ireland a few years ago.
Kind of useless for companies controlled by US citizen/resident shareholders since 2017, as the US-based shareholders now have to report their pro-rata share of the company’s income on their personal income tax return (as if the company was an LLC or other pass-through entity). That is one of the things that Trump did with which I disagree.
One would think the Senate would have to approve for the US to be part of it. Though I’ll bet they have the votes (with Kamala, most likely).
Didn’t that taxation-without-representation gets someone else in hot water at sometime in the past?
Unfortunately hold outs want more than they’re getting and thus holding back until they can get it or close to. I don’t see the Irish holding out for long when all the other countries are “in”.
Ireland cannot go it alone for long....that’s just a fact. Smaller nations can generally be bought for a little more before they yield.
Nah.....the Global Elites know better than to put the UN as oversight of such vast sums of THEY’RE cash cow.
Like Biden taking the covid purse and transferring it now to gun control and crime. The idea is to get the revenue flowing under whatever will generate a cash cow first...
At least SOMEONE has some sense! They realize what makes Ireland special, and are fighting to protect it. They’re getting “money for nothing”. All they have to do is not change the way they do business.
This will be interesting to watch, as it’s OBVIOUS this is beneficial for them, let’s see how the globalists rip it away.
God only asks for a tenth.
Good for them. Yay Ireland!!!
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