Small firms' taxes will not rise beyond 12.5% under OECD deal

Only large multinational firms with turnovers of more than $750m a year would face a higher corporate tax bill should Ireland sign up to the OECD deal, Tánaiste Leo Varadkar said

European Commissioner for the Economy Paolo Gentiloni and Finance Minister Paschal Donohoe during a press conference at Government Buildings on Monday. Picture: Sam Boal/RollingNews.ie

Only large multinational firms with turnovers of more than $750m a year would face a higher corporate tax bill should Ireland sign up to the OECD deal, the Government has said.

In the clearest sign that Ireland is likely to abandon its 12.5% rate, Tánaiste Leo Varadkar made clear that a dual rate was likely to apply, with indigenous Irish firms still likely to pay the lower rate.