Plans unveiled by the European Commission for a digital tax of 3% on the turnover of online giants to bring in €5bn is “bad news for Ireland, again”, a tax expert has said.

The unveiling, this week, of the EU’s controversial digital turnover tax proposal is “crunch time”, as experts warn about the outsized hit Ireland will take from the levy on the digital giants such as Google, Facebook, and Apple.

Pfizer will need to reduce the cost of producing some of its core products by up to 20% and stay extremely focused on competitiveness in the coming years, according to the head of its Cork operations.