Corporation tax rate faces probe

Ireland’s corporation tax regime is to be subjected to a detailed investigation by the European Commission to see if it breaches the EU’s state aid rules.

The decision was taken in principle yesterday by Joaquin Almunia, the competition commissioner who has singular powers in the area, and is expected to be rubber-stamped by the full college of commissioners this morning.

Unless one objects, the issue will be discussed at the weekly meeting in Brussels.