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Tax Code

Dáil Éireann Debate, Tuesday - 28 September 2021

Tuesday, 28 September 2021

Questions (282)

Michael Creed

Question:

282. Deputy Michael Creed asked the Minister for Finance if he plans to publish the submissions received by his Department during the public consultation in the context of OECD proposals for a global minimum effective tax rate; and if he will make a statement on the matter. [46078/21]

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Written answers

I would like to thank the Deputy for raising this important issue. On 1 July 2021, the OECD Inclusive Framework reached agreement but not unanimous consensus on key aspects of the two-pillar solution to address tax challenges arising from digitalisation and globalisation.

I have been clear in expressing my broad support for the agreement but have expressed reservation, in particular, about the proposed global minimum effective tax rate of ‘at least 15%’.

Given the importance of the OECD proposals, I felt it timely to invite views on the OECD proposals. The consultation provided an opportunity to identify the challenges and opportunities of the proposals in respect of Ireland’s corporate tax code and broader industrial policy.

As you will know, on 20 July I launched a public consultation on the OECD International Tax Proposals, the consultation period ran until 10th September.

Responses to the consultation came from a broad spectrum of society including from interested citizens, business, business representative bodies, civil society, accountancy firms and bodies, law firms, and political parties.

The responses received indicated broad support for the OECD process, as a well as a strong level of support for the position the Government adopted in relation to the proposals. There was an acknowledgement that there is need for further detail before committing to any agreement. Additional points raised noted the need to focus on Ireland’s overall FDI attractiveness into the future including with a focus on non-tax elements. The need to have jurisdictions withdraw unilateral measures, such as domestic digital taxes, was further noted for any agreement to succeed and bring about the stability to the international tax framework that we all crave.

My Officials and I will further consider the technical details of submissions received and this will inform my thinking as we approach what is a critical juncture of these negotiations at the OECD’s Inclusive Framework meeting on 8 October.

In respect to the publication of the submissions, it is my intention to publish these submissions on the Department of Finance website, as is the norm for public consultations run by the Department of Finance, in due course.

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