Ireland faces 'unending cycle' of global assault on the way it taxes multinationals

G7 group is close to setting a global minimum corporate tax rate

Japan's finance minister Taro Aso and European commissioner for economy Paolo Gentiloni during their meeting, as finance ministers from across the G7 nations meet at Lancaster House in London ahead of the G7 leaders' summit. Picture: Daniel Leal-Olivas/PA Wire

The G7 group of the West's largest economies is close to setting a global minimum corporate tax rate, as the overhaul of the way countries tax multinationals gathers pace.

The gathering in London means that Ireland faces a continuing period of uncertainty over its competitive tax rate of 12.5% that has helped attract a huge number of multinationals, including Apple, Pfizer, Google, and Facebook, to set up bases here. The multinationals through their corporate taxes also paid the lion's share of the €11.8bn the Government collected from all companies last year.