Ireland’s status as tax haven for tech firms like Google, Facebook, and Apple is ending

Daily Life In Dublin During COVID-19 Pandemic
Google in Dublin | Photo by Artur Widak/NurPhoto via Getty Images

Ireland said Thursday it would join an international agreement that sets taxes on profits for multinational corporations at a minimum rate of 15 percent. This is a major shift for the country that is the European headquarters for many large US pharmaceutical companies, as well as tech firms, including Google, Apple, and Facebook.

An increase from Ireland’s current 12.5 percent to 15 percent may not seem that large by itself. The so-called Organization for Economic Cooperation and Development (OECD) Inclusive Framework agreement, outlined in July, is actually a two-pillar plan aimed at helping end tax avoidance and making international tax rules fairer and more transparent. The OECD has estimated that a 15 percent tax rate would generate…

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Author: Kim Lyons