EU pressure mounts to hike corporate tax rate

THE COUNTRY’S battle to defend its low corporation tax rate encountered another stumbling block last night when several EU leaders supported the idea of agreeing tax bands and a minimum rate across euro area states.

But as Taoiseach Brian Cowen said farewell to his fellow EU leaders last night, he ensured that this hot potato would be the among the first his successor would have to deal with.

Leaders agreed to postpone a special eurozone summit for four days until March 9, when Mr Cowen told them there should be a new government in Ireland — just two days after the Dáil meets to form a new government.