Noonan battles to save 12.5% tax rate

THE gloves have come off in Ireland’s fight to keep its corporate tax rate and win a cut in the amount of interest the country is paying for its €67 billion bailout.

Finance Minister Michael Noonan yesterday fired a shot across the bows of the French in Brussels, highlighting that the average amount of tax their companies pay is just a quarter of the official rate of 33%.

“If the debate is to continue, I will be pushing that it takes into account the effective rates rather than the nominal rates because nobody pays the nominal rates as far as I can see,” said Mr Noonan.