EU states could secure between €50 billion and €200 billion in additional revenue under an international agreement on a minimum corporate tax rate, says a report released by the EU Tax Observatory. Tax havenIreland and three other EU countries are labelled as tax havens in the report. Under a new mechanism, the minimum corporate tax would have to be paid regardless of where a multinational corporation is registered. US president Joe Biden proposed a global 21 per cent minimum corporate tax rate in April. The average global corporate tax rate has dropped from 46 per cent in the 1980s to just over 23 per cent today.

Source: The Irish Times June 04, 2021 15:33 UTC