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Ireland Will Not Budge On Corporate Tax Rate

by Jason Gorringe, Tax-News.com, London

21 May 2012


Hiking Ireland’s corporation tax rate is not in the country’s interests, Prime Minister Enda Kenny has said, a sentiment backed up by his deputy and Finance Minister, who have also stressed that Ireland remains firm in its position on the tax.

Kenny made the comments in a speech to a Bloomberg economic summit held in Ireland earlier this week. He said that while Ireland was prepared to support growth and investment agendas for Europe, there were other proposals which his government could not endorse.

These include changes to the corporation tax rate, and “localized” financial transaction taxes. According to Kenny, such plans “are not in the interests” of Ireland.

Kenny’s arguments were echoed in separate speeches by Deputy Prime Minister Eamon Gilmore and Finance Minister Michael Noonan. Gilmore emphasized that, “as far as Ireland is concerned, our rate of corporation tax is established, it’s not going to change".

He added that the government has no intention of altering its position in relation to the rate, and that it remains “absolutely firm”. For Gilmore, it is vital that investors are aware of this stance.

Noonan, also speaking at the Bloomberg event, said he did not fear a repeat of France’s attempt to force Ireland into a higher rate under the new presidency of Francois Hollande.

Noonan additionally pointed to the need for Irish electors to vote in favour of the European Union Stability Treaty in the forthcoming May 31 referendum, warning that a failure to do so would be "a leap in the dark”.

TAGS: tax | Ireland | corporation tax | tobin tax

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