New 15% corporate tax rate will not cause investment to dry up, tax adviser says 

Irish Tax Institute president Tom Reynolds said implementation of this new corporate tax regime would be complex and called for Revenue to be properly resourced to deal with it

Irish Tax Institute president Tom Reynolds said Ireland’s reputation was of a stable, open, and tolerant democracy, which is a huge asset in attracting foreign investment.

Foreign direct investment (FDI) will not dry up due to new corporation tax rules but Revenue must be properly resourced to deal with the new regime, the president of the Irish Tax Institute has said.

At the beginning of this year, the new 15% corporation tax rate for businesses that generate revenue above €750m a year came into effect. This follows the decision by the Government to sign up to the OECD’s Two Pillar agreement in October 2021 which sought to set a minimum corporate tax rate among members.