Raising corporation tax to 15% will cost Ireland €2bn annually, says Varadkar

Tanaiste Leo Varadkar said agreeing to a new international rate would ensure that no other countries could undercut us.

Increasing corporation tax to 15% will result in an estimated €2bn loss in revenue each year, the Tánaiste has told the Dáil.

The Cabinet is expected to sign off on an OECD agreement that would see Ireland's 12.5% corporation tax rate increase to 15% for large multinational companies.