Ireland has little to fear from global tax overhaul, insists EU commissioner

Finance Minister Paschal Donohoe has said the reforms will cost the Irish exchequer about €2bn a year in reduced corporate tax revenues

European Commissioner for Economy Paolo Gentiloni set out the EU case that reforms of corporation tax are needed to raise revenues to help European economies recover from the Covid crisis, as well for reasons of fairness.

The EU commissioner responsible for the European economy said he would be happy if the G20 group of countries gives its backing next month, in general terms, to setting a minimum global corporate tax rate for multinationals. 

Speaking to an Irish audience at a webinar by the Institute of International and European Affairs, Commissioner Paolo Gentiloni maintained that Ireland has little to fear from the changes proposed this month by the group of seven wealthy western countries for a minimum corporate tax rate of at least 15%.