Brian O’Boyle: How tax haven Ireland has undermined our democracy and public services

Ireland's signing of the OECD International Tax Agreement came slowly, and reluctantly. But how did we get to the point where more than 15% tax on profits was seen as inconceivable for corporations?  

In 2017, the Financial Stability Board found that Ireland had the fourth largest shadow banking system on the planet, with $2.2 trillion housed in the IFSC outside the regulatory control of the Central Bank.  File photo: iStock

On 7 October 2021, Ireland signed the OECD’s International Tax Agreement. Ireland had initially been one of only eight countries that refused to sign, alongside the well-known tax havens, Barbados and St Vincent. 

Explaining his reticence, Minister for Finance, Paschal Donohoe, said his government objected to the term ‘at least’ in the original agreement, as this might mean future increases from the 15% already in the deal.