Tax rate change designed to benefit bigger countries, economist warns

The 15% tax rate will apply for all multinationals with revenues in excess of €750m

Minister for Finance Paschal Donohoe said the deal "provides that the minimum effective rate for multinationals with an annual revenue in excess of €750 million is 15%. Picture: Julien Behal

The Government is to give up our lucrative 12.5% corporation tax rate as part of a landmark international agreement.

After months of wrangling, Ministers have agreed to sign the Organisation for Economic Co-operation and Development (OECD) deal that will see our corporation tax rate rise to 15%.