Biden s tax plans risk bursting Ireland s bubble
After years of luring the world s biggest firms with the promise of low tax, the Irish economy will soon be heading for uncharted territory
If there’s one number that matters above any other to the Irish economy, it’s 12.5pc.
“The 12.5pc tax rate never has been and never will be up for discussion. The 12.5pc tax rate is settled policy. It will not change.” So said Michael Noonon, then the Irish finance minister, in his 2014 budget speech to the Dáil in Dublin.
Ireland s corporate tax rate has become a beacon for multinationals – particularly from the United States – that have learned how to shop around the global marketplace for the best tax loopholes and rates, and treated Ireland as a gateway to European markets.
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