The Irish government is all set to bring in a global minimum corporation tax rate for large firms.
This literally means the country will increase its 12.5% rate to 15% for firms with a turnover of more than €750m (£636m).
More than bigger ones, the smaller businesses will still be taxed at the 12.5% rate.
The Organisation for Economic Cooperation and Development (OECD), an intergovernmental economic organisation, has agreed to a global minimum rate.
Supporting the deal, Ireland’s Finance Minister Pascal Donohoe said this was “a serious and complex decision.”
He further added that he was “absolutely certain” that Ireland’s interests were a priority and they were being taken into account as part of the deal.
This new 15% rate will apply to all 56 Irish multinationals employing approximately 100,000 people, and 1,500 foreign-owned firms based in Ireland employing approximately 400,000 people.