Finance Minister Paschal Donohoe makes vow over new global tax law

The Minister for Finance said he will "scrutinise carefully" the legislation that will bring in a new global deal on tax when it is published next month.

Last month Ireland agreed to join the OECD framework for a global rate of 15% tax, giving up its highly-prized previous rate of 12.5%.Mr Donohoe told the Oireachtas committee on finance that the decision to sign up to the change was a "significant moment"."I am confident no one will undercut us and it will be faithfully implemented through the directive which has the benefit of managing that concern," Mr Donohoe added.

Pillar two will see the adoption of a new global minimum effective tax rate applying to multi-nationals with global revenues in excess of €750 million.The minister was pressed by Sinn Fein TD Pearse Doherty for an updated estimate on the predicted loss of tax revenue. "It is important however to consider the very real risks associated with staying outside the process.

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